27 Jan 2006director interest notice● Neutral
Oilsands Quest Inc Secretary William G Timmins exercised stock options for 50,000 shares and disposed of 105,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Jan 2006director interest notice● Neutral
Oilsands Quest Inc President Thornton J Donaldson exercised stock options for 100,000 shares and disposed of 100,000 shares.
23 Jan 2006director interest notice● Neutral
Oilsands Quest Inc director Romeo James Dangela received a stock option grant for 600,000 shares.
13 Jan 2006director interest notice● Neutral
Oilsands Quest Inc director Romeo James Dangela received a stock option grant for 600,000 shares.
29 Dec 2005securities registration● Neutral
Oilsands Quest Inc registered a small-business securities offering with the SEC.
28 Dec 2005capital raising announcement● NeutralMajor
On December 12, 2005 the company closed a placement of 15,068,000 units at $1.50 for gross proceeds of $22,602,000, each unit being one share plus one warrant (two warrants buy one share at $2.00 for two years). Under a November 25, 2005 Financing Agreement it will pay $13,025,000 (C$15,000,000) for more shares of its subsidiary Oilsands Quest Inc. (OQI), raising its stake to 68.48%, with the money going to a Phase Two drilling program of about 125 core holes on Firebag East. It also agreed to buy 571,428 OQI shares and warrants from Dynamic Power Hedge Fund for C$5,714,280 plus 1,500,000 of its own warrants, agreed to issue 3.2 million shares to financial advisors, and issued more shares on debenture conversions and warrant exercises, so existing holders are diluted further and the company is now channelling money into OQI.
21 Dec 2005director interest notice● Neutral
Romeo James Dangela became a Oilsands Quest Inc director and company insider (initial ownership filing).
21 Dec 2005director interest notice● Neutral
Oilsands Quest Inc director Romeo James Dangela received a stock option grant for 200,000 shares.
5 Dec 2005capital raising announcement● Neutral
Effective October 18, 2005, the board was expanded to three members and Romeo D'Angela was appointed to fill the new seat. The company first called him independent in an October 17 press release but now says he would not count as independent under Nasdaq rules, because he and his entities bought the company's 8% convertible notes in the August-September 2005 private placement (Novadan Capital Ltd. also received an $85,487 finder's fee). He and his entities hold notes convertible into shares and warrants at $0.55 and $1.30, as listed in the filing's table.
5 Dec 2005capital raising announcement▼ BadMajor
This lists share issues between August and November 2005: warrant exercises (many cashless), conversions of 7% debentures, debt-settlement shares, bonus and commission shares from a private placement, and 2,333,333 shares to Larry Thompson plus 100,000 to Waterville Investment Research under settlements. These include 600,000 shares for $363,150 of debt owed by Western Petrochemicals, shares tied to the Anhydride settlement, and 1,500,000 shares to Monarch Capital Funds on warrant exercise at $0.55. Share count increases and existing holders are diluted, and some of the 2005 convertible notes appear to be converting.
28 Oct 2005director interest notice● Neutral
Oilsands Quest Inc director Romeo James Dangela received a stock option grant for 200,000 shares.
28 Oct 2005director interest notice● Neutral
Romeo James Dangela became a Oilsands Quest Inc director and company insider (initial ownership filing).
14 Oct 2005securities registration● Neutral
Oilsands Quest Inc filed the final prospectus for a registered offering.
27 Sept 2005securities registration● Neutral
Oilsands Quest Inc amended a filing by which it registered a small-business securities offering with the SEC.
15 Sept 2005late filing notice▼ Bad
Oilsands Quest Inc notified the SEC that its quarterly report would be filed late.
23 Aug 2005securities registration● Neutral
Oilsands Quest Inc registered a small-business securities offering with the SEC.
18 Aug 2005director interest notice● Neutral
Oilsands Quest Inc Secretary William G Timmins received a stock option grant for 50,000 shares.
11 Aug 2005material agreement● Neutral
This second amendment says it corrects the effective date of the Triple 7 joint venture agreement to August 9, 2004, which conflicts with the original filing's June 1, 2005 date and with the text's own August 9, 2005 signing date; this looks like a possible typo, but the filing does not say so. The payment and royalty terms are unchanged.
11 Aug 2005capital raising announcement▼ BadMajor
This second amendment corrects the June 2005 $2,000,000 note terms: notes can also convert at 70% of the average of the five lowest closing bids in the ten trading days before the conversion notice, and Class B warrants are now one per $0.80 invested (not $1.00). The change makes conversion potentially more dilutive and gives noteholders more warrants than first reported.
11 Aug 2005material agreement● Neutral
This amendment restates the Triple 7 joint venture terms 'to clarify' them, in more general wording (leases in Alberta, with the specific Athabasca Crown sale details left out). The payment figures are unchanged.
10 Aug 2005material agreement● NeutralMajor
On August 9, 2005 CanWest and its subsidiary Township Petroleum entered a joint venture with Triple 7 Energy, West Peak Ventures of Canada and Dr. Michael Ranger to bid on Athabasca oil sands leases at the August 24, 2005 Alberta Crown sale. If leases are acquired, CanWest owes C$150,000 in shares, C$150,000 on each of the first two anniversaries, C$450,000 per retained parcel at year three, C$6,000,000 when a commercial project starts construction, and a royalty of C$0.03 per barrel or C$450,000 a year, whichever is greater. This is a new oil sands thread.
10 June 2005capital raising announcement● NeutralMajor
The company issued $2,000,000 of 7% convertible notes with Class A ($0.55) and Class B ($1.50) two-year warrants, plus a 500,000-share finder's warrant at $0.45 and a 10% cash commission. The notes convert at the lesser of $0.60 or a discount-to-market formula, carry anti-dilution protection and penalties for late registration, and require monthly payments (first four months accrued until October 2005). This brings in cash but adds debt and potential dilution.
10 June 2005capital raising announcement● Neutral
This amendment restates the $2,000,000 7% convertible note financing with the same terms, now giving the issue date as June 10 rather than June 9, 2005. Later amendments change the terms again.
29 Apr 2005director interest notice● Neutral
Oilsands Quest Inc Secretary William G Timmins sold 10,000 shares at $0.31.
18 Mar 2005late filing notice▼ Bad
Oilsands Quest Inc notified the SEC that its quarterly report would be filed late.
11 Jan 2005director interest notice● Neutral
Christopher H Hopkins became a Oilsands Quest Inc company insider (initial ownership filing).
11 Jan 2005director interest notice● Neutral
Karim Hirji became a Oilsands Quest Inc company insider (initial ownership filing).
23 Dec 2004securities registration● Neutral
Oilsands Quest Inc amended a filing by which it registered a small-business securities offering with the SEC.
16 Dec 2004late filing notice▼ Bad
Oilsands Quest Inc notified the SEC that its quarterly report would be filed late.
29 Nov 2004capital raising announcement▼ BadMajor
The company changed its name from Uranium Power Corporation to CanWest Petroleum Corporation (effective November 2, 2004, new symbol CWPC) and shareholders approved raising authorized common shares from 40,000,000 to 100,000,000. It also listed many share issues from October to November 2004 (debenture conversions, warrant exercises, bonus shares, and shares tied to the Anhydride Petroleum Limited Partnership property purchase), and cut the exercise price of warrants tied to the January and March 2004 convertible debentures from $0.35 to $0.20 after investors claimed penalties over a delayed registration statement. Share count rises and existing holders are diluted.