Past year: ▼ 90%(0.00c – 0.10c USD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Apr 2007capital raising announcement▼ BadMajor
Surge failed to register Gemini's shares for resale as promised, and restructured its way out: Gemini handed back the stock and put in another $250,000 in exchange for a $1.15 million zero-interest note convertible at $0.37, waiving the penalties it was owed. A financing turned into a debt because the company could not meet a paperwork obligation.
4 Dec 2006capital raising announcement● NeutralMajor
Surge raised $1.35 million at $0.45 from hedge fund Gemini Master Fund and existing holder Mark Fritz - a third of the March price - and simultaneously agreed to buy Peace Oil Corp through a new Canadian subsidiary, Cold Flow Energy. Having been diluted out of Sawn Lake, Surge was buying its way back into Alberta oil sands with money raised on much worse terms.
28 Dec 2005capital raising announcement● NeutralMajor
Surge's subsidiary Signet Energy raised C$5.708 million on December 20, 2005, from 1.6 million flow-through shares at C$1.30 and C$3.7 million of 7% convertible debentures. It followed a C$8.55 million debenture raise in November, and proceeds were for drilling and delineation at Sawn Lake.
25 Aug 2005capital raising announcement▲ GoodMajor
Surge raised just $300,000 at $1.00 a share, and every buyer was an existing investor or a director - Fritz, Idziszek, Vandergrift, Gersh and Plaksin. More significantly, holders of $1.71 million of convertible notes agreed to convert on the same terms, clearing the debt taken on to fund Sawn Lake.
24 Mar 2005capital raising announcement● NeutralMajor
Surge closed a $1,575,000 6% convertible note with one accredited investor on March 21, 2005, issuing 787,500 warrants as well. The note converts at $2.25 a share and matures in one year or 30 days after a financing above $5 million, whichever is earlier.
3 Mar 2005capital raising announcement▲ GoodMajor
Surge got its first real operating asset: a farm-out with Deep Well Oil & Gas and Northern Alberta Oil at Sawn Lake in Alberta, where drilling a test well within 150 days at its own cost would earn it half their working interest, building towards 40% of 63 sections. Ambitious for a company with almost no cash - and the drilling deadline is the risk.
