Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2022debt financing▼ BadMajor
Amid a dispute involving the company's then-CEO, Creek Road Miners settled with investor Alpha Capital Anstalt by exchanging previously exercised warrants for a $900,000 convertible note carrying a punitive 22% default interest rate -- a note structured to convert at a discount once the pending Prairie Operating merger closes.
The company, then called Creek Road Miners, filed its quarterly report for the period ended June 30, 2022. It covered its cryptocurrency mining business, the Bitmain agreement and the May 2022 binding memorandum with Highwire Energy Partners.
Creek Road Miners signed a binding memorandum of understanding with Highwire Energy Partners to acquire energy assets, including natural gas production in South Dakota, North Dakota and Wyoming and fixed-price electricity generation in Wyoming. The assets were wanted partly for Bitcoin mining.
Bristol Investment Fund, Ltd, Bristol Capital, LLC, Paul Kessler, Bristol Capital Advisors Profit Sharing Plan reported a Prairie Operating Co. shareholding of 2,589,986 shares (31.62% of votes) in a periodic institutional filing.
Locked in $250,000-a-year contracts for Paul Kessler and Scott Kaufman and $200,000 each for two more executives, and paid Kessler's Bristol Capital and Kaufman a one-off $250,000 'non-accountable expense reimbursement' apiece. Greg Suess left the board after ten years and was replaced by Richard Boyce, a petroleum geophysicist -- the first oil and gas man on the board of what was still a bitcoin miner, ten months before the Prairie merger was announced.
In an amended filing, Creek Road Miners updated its December 2021 Series C financing to 23 investors buying 7,880 preferred shares for $7.88 million. The investors also received two series of warrants, at $2.50 and $2.75 per share.
10 Dec 2021capital raising announcement▲ GoodMajor
Creek Road Miners raised $6.2 million from 20 investors by selling 6,200 shares of Series C Preferred Stock with warrants, half struck at $2.50 and half at $2.75 per share. The proceeds were for working capital.
Restated the August 2021 crypto-pivot placement at its final size: 15 investors rather than 14, 2,433,340 shares and $3.65 million rather than $3.5 million.