Past year: ▼ 99%(0.30c – 72.5c USD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2014capital raising announcement● Neutral
Granted warrants to Nix Venture Partners for strategic advice, including on a contemplated purchase of Buccaneer Energy's Alaskan assets -- an acquisition Miller was weighing while already carrying three preferred series and two secured facilities.
25 Nov 2013capital raising announcement▲ GoodMajor
Agreed to buy the North Fork gas field and its pipeline company from Armstrong Cook Inlet and partners -- about 15,465 net acres in Cook Inlet -- paying partly in $5 million of Series D preferred stock, and announced first results from the Sword No. 1 well the same day.
24 Sept 2012capital raising announcement● Neutral
Sold $2.575 million of the new 12% Series B preferred to ten investors. Boruff framed it as raising money "without diluting our current shareholders" -- true only in the narrow sense that preferred stock dilutes through its dividend claim rather than its share count.
12 Apr 2012capital raising announcement▼ BadMajor
Raised $10 million by selling 100,000 shares of a new 10% Series A redeemable preferred, plus warrants, to twenty investors. The $84,000 finder's fee went to Dimirak Securities -- a firm 49% owned by chief executive Scott Boruff, who was also a director of it.
9 Dec 2010capital raising announcement● Neutral
Settled the five-year fight over the warrants issued in the 2005 Prospect financing by giving Prospect Capital 2,013,814 shares on a cashless exercise. With an October settlement with Petro Capital, every claim arising from that 2005 loan was finally closed out.
1 Apr 2010capital raising announcement● NeutralMajor
On March 26, 2010 (closed April 1), Miller Petroleum sold 1,433,429 shares at $3.50 each to fourteen investors in a private placement, raising gross proceeds of $5,017,002, and issued them five-year warrants for 716,716 more shares at $5.28. Proceeds go to general working capital. A finder gets a $351,190 fee and warrants for 100,340 shares. For shareholders this means new dilution, plus a price-protection clause: if shares are issued below $3.50 within six months, these investors get extra shares. The board approved up to $8 million in total sales on these terms, so more may follow. This is the first equity raise after the December 2009 Cook Inlet purchase in the context.
What it means for a shareholder
1.4m new shares at $3.50 to raise about $5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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27 Jan 2010capital raising announcement▲ Good
Closed the same offering out at $6.0 million total, selling another 1,265,000 shares to eleven more investors in January -- enough, the company said, to fund a year of Alaskan capital spending and clear the debt built up during 2009's acquisition spree.
4 Jan 2010capital raising announcement● Neutral
Sold 4,750,000 shares at $1.00 -- a 16.67% discount to market -- raising $4.75 million from accredited investors to start funding the Alaska operation it had just acquired.
What it means for a shareholder
4.8m new shares at $1.00 to raise about $4.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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31 May 2007capital raising announcement● NeutralMajor
Agreed to buy its way out of the Wind City joint venture and the litigation it had produced: $8 million to reacquire all the leases, wells and pipeline rights it had contributed and to repurchase Wind City's 2.9 million shares, with the lawsuits stayed until payment. The deal lapsed if Miller could not find the money by June 30 -- and Miller could not.
