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This will bounce back, altho I have no idea to what level. The last time they had an offering like this, I believe the same thing happened.
They are offering shares at USD .51, so the market will reflect that amount overall. once the shares in the offering are bought up, and are off the market, this will begin to move again.
The warrants will expire on 31 March 2017.
Thank you IMP and MC,
With the way everyone on that board was talking about the charts, I just couldn't help myself! LOL!
I think my chart reading is just as insightful as any of theirs, don't you? Besides, I have my OUIJA Board to help me.... *chuckle*
Have a good day all!
MB
DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited ("Samson" or the "Company") (SSN.AX) (NYSE MKT: SSN) announced today it has placed American Depositary Shares (ADSs) (representing 109,752,575 ordinary shares) with institutional investors based in the United States, raising gross proceeds of A$2,743,814 (US$2,850,000). The SEC registered placement was completed at A$0.025 per ordinary share (approximately US$0.51 per ADS), and includes transferable options, or warrants, to subscribe for an additional 4 shares for each 10 shares subscribed for, at an exercise price of A$0.038 (approximately US$0.78 per ADS). The warrants will expire on 31 March 2017.
Conversion from Australian dollars to US dollars is based on an exchange rate on March 19th of A$1.00 per US$1.0387 from the Reserve Bank of Australia.
The placement was made pursuant to Section 708 of the Australian Corporations Act and in accordance with Listing Rule 7.1 of the ASX Listing Rules. C&Co/PrinceRidge acted as financial advisor and placement agent for the placement of Samson's ADS in the United States.
Samson also announced that it will be making a pro rata rights offering (“Rights Offering”) to holders of its ordinary shares and ADSs as of the close of business on 4 April 2013 (the "Record Date"). Under the Rights Offering, shareholders will have the right to purchase one ordinary share at A$0.025, or approximately US$0.51 per ADS, variable with the exchange rate, for every three ordinary shares owned, directly or through ADSs owned on the Record Date. The Rights Offering will include 4 transferable options, or warrants (issued at no cost), per 10 shares applied for, which will be subject to the same terms and conditions as the warrants comprised in the completed institutional placement.
Holders of shares who exercise all their rights may also be entitled to acquire additional ordinary shares in the Rights Offering if and to the extent that other shareholders do not exercise their rights. The Directors will also have the discretion to place any remaining shares from the Rights Offering to third parties on the same terms and conditions after fulfilling all subscriptions and over-subscriptions from shareholders.
A U.S. prospectus and an Australian prospectus for the Rights Offering are expected to be sent to shareholders on or about 8 April 2013. The Rights Offering will be made to shareholders in both the USA and Australia. The rights to be issued in the Rights Offering will not trade on the ASX or the NYSE MKT as the issue is non-renounceable.
On a fully subscribed basis, the Rights Offering would raise A$17.5 million (US$18.1 million), which together with the already completed placement, would represent a total raising of approximately A$20.2 million (US$20.1 million).
Samson intends to use the proceeds of both offerings to fund a portion of the Company's 2013 calendar year capital budget, which calls for drilling six infill development wells in the North Stockyard oilfield in Williams County, North Dakota, along with the first exploratory well in its South Prairie Project in Ward County North Dakota, as well as for general corporate purposes, working capital needs and possible future acquisitions.
About Samson Oil & Gas Limited
Samson’s ordinary shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's ADSs are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid ordinary shares. Samson has a total of 2,101 million ordinary shares issued and outstanding, which would be the equivalent of 105 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.65 per ADS on March 19th, 2013, the Company has a current market capitalization of approximately US$68 million. Correspondingly, based on the ASX closing price of A$0.031 on March 19th, 2013, the Company has a current market capitalization of A$65 million.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any of Samson’s securities, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of the jurisdiction. The securities proposed to be issued in the Rights Offering will not be sold and offers to buy those securities will not be accepted until they are included in an effective registration statement filed with the U.S. Securities and Exchange Commission.
Statements made herein that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “intend”, “expect”, “anticipate”, “should” or “will.”
Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities.
A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, a copy of which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contact:
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US office)
US cell: 970-389-5047
Welcome MC! Happy to have you on board.
MB
No Problemo! My order at .0049 filled! Wooo Hooo!, so I put in another order at .0045 just for the yucks of it. Today's drop is a gift!
Man, I feel for ya! 3 years waiting is tough! New York is another state that I wouldn't want to live in due to things like the ridiculous pensions and such. Plus, I don't like 'COLD!' I never have forgiven my parents for settling here. lol!
I was a Realtor till the chit hit the fan, couldn't afford to stay in the job. I would love to sell my home here and head south; one of these days, maybe!
Good luck , at least people are still looking at your home!
Well, hope we all have a good day in the market!
Hi J,
How long has your abode been on the market? and, are you in a good selling area?
I'm in Mich., so you know I'm in a depressed market here, but that hasn't stopped the local tax collector from raising the value on my house so they can soak me for more property tax....BSTRDS!
OK Great, I got that off my chest.... I feel better now, thanks, (how much do I owe you Doc?) lol
Hmmm, that was a 10 yr contract originally, I'm glad THEY dropped Rykers and not the other way around. I'll bet you that Rykers was trying to get a big cut of EZ cards' fee collections. I noticed that type of thinking outta other prison/law enforcement thinking concerning these kiosks. Apparently CPSZ should not be entitled to their profits, Sounds like govnmnt is dipping into everyone's pockets!
*As if that's news!
Okay, you lost me... I thot they had a 10 yr contract with Rykers. Did I miss something? Am trying to google it now.
BTW I like the numbers he's touting.
Well I will be adding on that 'dip', I need to get over a mil myself, I'm only at 750k... shoulda trusted my gut and bought more last week!
Hey IMP, Forget-coffee... Wake-up and smell the money!
CPSZ has a PR out, 53rd installation; I hope your packed cuz were moving NORTH!
Trading-halted per-the-company, pending announcement. Read:
http://www.asx.com.au/asxpdf/20130320/pdf/42dsgvgm49pzm7.pdf
(I hope this doesn't suck)!
That's a really nice number! I'll include it in my morning prayers!
Right now I'm just happy to be green! lolol
Just for the 'Yucks" of it, where do you think this stock could be sitting this time next year?
I'm not good at flipping, reading some of the posters on that board, I get the feeling that they would be happy to have it hit ANYwhere between .01 and .10 so they can sell and move on... quickly; not my style.
MB
YUP! I picked it up at .0029,
Niiiiiiiccccce!
and BTW,
A big *T*H*A*N*K*S* goes out to IMP!
And also J, thanks for your help yesterday!
YaY!
I'll have to give you an occasional "Good Day" greeting just to keep active, when there really isn't anything to talk about! LoL!
Equip. funding is listed in the last line of what I quoted from the Jan. PR.
Quote:Our management team has negotiated an expandable line of credit to acquire equipment for its current and targeted acquisitions. Increasing our cash flow will also allow us to complete the payment of our vendor debt and move towards eliminating all of our short term debt."
The company also announced that it secured an equity capital injection from its management team that will immediately result in the completion of the rework and reentry of two producing wells on its Chisholm Lease, with the planned reentry into a 3rd well to follow in the near future. The Company expects cash flow initially to be $50,000 per month to CAVU ($35,000 net income), and once the third well is reentered and producing, the projected cash flow could increase to $90,000 per month. Supporting these efforts, and the coming further expansion, is a new equipment funding Line that CAVU has entered into that will accommodate most of its capital equipment needs for the foreseeable future.
This is the part from the last pr that looks the most promising to me; not only do they indicate they secured an "expandable line of credit", but management is also putting up their own capital... they wouldn't do that if they thought it wasn't going to pan out.
Our management team has negotiated an expandable line of credit to acquire equipment for its current and targeted acquisitions. Increasing our cash flow will also allow us to complete the payment of our vendor debt and move towards eliminating all of our short term debt."
The company also announced that it secured an equity capital injection from its management team that will immediately result in the completion of the rework and reentry of two producing wells on its Chisholm Lease, with the planned reentry into a 3rd well to follow in the near future. The Company expects cash flow initially to be $50,000 per month to CAVU ($35,000 net income), and once the third well is reentered and producing, the projected cash flow could increase to $90,000 per month. Supporting these efforts, and the coming further expansion, is a new equipment funding Line that CAVU has entered into that will accommodate most of its capital equipment needs for the foreseeable future.
I hear ya Belgian, I've been here almost 2 years now, what's a little longer, huh?
I still have faith in the CAVU, that has never waned!
MB
That info keeps rolling around in the back of my head Belgian, I'm looking for a good pr next time around, I am getting a bit tired of the wait, but I'm sure as he!! not cashing in any of my shrs anytime soon.
MB
WoW!... "Ask and Ye shall receive!"
I'm liking the upward movement lately, I sure hope that means there will be something good in the fins.
MB
Thanks for the helpful chat Johnsyn!
Well, another Monday morning and nothing happening.... still. lol
Does anyone think we will close above .009 this week?
Here's a little something to read, not directly about CAVR, but still related to O&G companies...
http://www.energy-daily.com/reports/Oil_Explorers_Beware_Hackers_Are_Eyeing_What_You_Know_999.html?utm_medium=twitter
Yeah, it's been 2 months, but not a damn thing has been happening there this year that is worth posting about... lol. Well, let me ask you this... d'you think I should fill that slot?
Thanks Kev!
Thanks for responding Errol, If there are tweets about superior, it would be great to find them.
MB
Kev,
Can you give us the twitter name where you are getting your SIOR tweets please.
@_______________________?
TIA
Wanna share the tweet name, Errol? @ _ _ _ _ _
@superiorOilGas hasn't been posted to since 11/2011
Hi Johnsyn,
Just curious... I see I've been removed from the moderator list on the CAVR board... do you know why?
MB
I feel your pain Diver, I've been here for near 2 yrs. (with a bigger chunk o' change) but I'm obviously a bit calmer than you. I'm not ready to throw in the towel, cuz I've seen first hand how long it takes for a start up (or a new management team) to get all things rolling in the right direction. Guest has been there since early '09 and Ali, since later '09, that's really not a long time to pull a company out of the hole; and I think they are doing it... albeit 'SLOWLY' lol.
I'll look at your cmgo, you can look at my cpsz, but I'm hanging on to my UBRG, I still have faith in it's future.
BTW, what's my prize for winning the bet?
MB
I'm assuming, Imp, that you made a few $$$ on BMSN... I didn't pay too much attention to it, as a matter of fact, I rarely stray from the O&G companies. Threw the dice on CPSZ, lol, but I think I'll be OK. Missed picking up a few more shrs yesterday... I don't like chasing, so I'll just wait 'n see!
*ROFLMAO!!* That's got to be the best quote for CPSZ!
They could use it in their sales presentations....
The pros are buying CPSZ now and the CONS are using our kiosk every day.
Hi there, J !
YaY-for-BMSN! (whatever that is, lol!)..... I'll hafta look.
Ok, I looked, now I remember what it is... and it's on the move!
I'm glad to see that, things are so flat lately with my pennies, that I'm trying to NOT look at the market too often.
CAVR has come up a bit, that's nice, I'm not really expecting anything till the fins come out, (or the filings extensions).
Oh well!
Thank you, maybe tomorrow I'll hit!
My order is in...
let's see if it drops to it... it's close!
GM J,
Did you catch that little spark of life flickering from CAVR this week? I hope this is not just wishful thinking from ppl, and that there actually is something brewing. Would be nice to hear something about the new location for the SWDW that they spoke of last year.
Did you pick up any of that CPSZ, that you alerted me to? From the talk on their msg. board, it sounds like a lot of ppl are thinking it's gonna fly any day now... probably more wishful thinking! lol
Oh well,
Coffee's ready, catch ya later
MB
I saw that Lynwood info also.
Very interesting about the 6-7 counties in your state using these kiosks.
Yup Imp, got a few more, and I have a very low pps order in for more, just in case it takes a nose dive for any reason, but I don't expect it to!
I'm hoping that they come thru with the fins within the next few months as they stated they would. I was surprised to learn that there are about 6-7 counties in my state MI that are using these at some location.
MB
Yep, I'm watching it!