Past year: ▼ 98%(1.90c – 95.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
19 June 2008capital raising announcement● NeutralMajor
The $40 million debenture sale announced June 9 closed on June 18, 2008, on the same terms (10.75%, due June 18, 2013, convertible at $6.50). Teton also signed a subordinated guaranty and pledge agreement, under which it guarantees the debenture obligations, with the debenture holders' liens ranking behind JPMorgan's. Net proceeds are about $37.4 million. This completes the earlier agreement and adds new debt and potential new shares.
10 June 2008capital raising announcement● NeutralMajor
On June 9, 2008 Teton agreed to sell $40 million of 10.75% secured convertible debentures due 2013, convertible at $6.50 a share, with RBC Capital Markets as placement agent. Net proceeds of about $37.4 million are meant to repay debt on the JPMorgan credit facility, fund capital spending and general purposes. The debentures sit behind JPMorgan's liens, and could convert into up to 8,411,937 new shares (6,153,847 excluding the maximum interest make-whole), so existing holders face possible dilution. Investors also get a 90-day option to cut their investment by 25%.
31 Aug 2007capital raising announcement▼ BadMajor
This amendment, filed August 31, 2007, adds the required disclosure of a private placement closed May 17, 2007: $9.0 million of 8% senior subordinated convertible notes, convertible at $5.00 per share, with warrants for 200% coverage at $5.00 (the 8-K/A text cites 3,600,000 warrant shares for investors plus 360,000 to the placement agent, Commonwealth Associates). Net proceeds were about $8.3 million, for the 2007 capital program. If converted or exercised, this dilutes shareholders; the notes are due May 15, 2008 and convert at market if unpaid and below $5.00. The filing also restates a May 22, 2007 announcement of about 6,250 net acres bought in the Big Horn Basin, Wyoming, for $469,270, with another 5,750 acres expected to close by June 6, 2007.
19 Dec 2002capital raising announcement● Neutral
The company (filing as Teton Petroleum Company) said it raised about $2,005,000 in private placements in October and November 2002, which would lift stockholders' equity from $2,645,000 at September 30, 2002 to about $4,650,000 before other changes. It also reconciled the third-quarter net loss of $2,216,169 to a cash loss of $611,026, with $1,390,951 of the gap being financing charges; the filing says the equity figure is not necessarily indicative of future balances.
