I'm guessing that when they said in the 4/9 PR that the funding was complete, they meant that they had sold all of the shares to the "15 accredited investors", but it doesn't have anything to do with what the investors do with those shares.
The April PR that you linked in your post stated at the beginning: "...today announced the completion of approximately one million dollars in funding since February 2007."
The following link that I posted below shows 3 sales of securities by the company on 02/05/07, 02/23//07 and 04/11/07:
Charlatan posted earlier that given the pps trading range so far , there could be 600 million to 700 million shares outstanding "when it is all done"- if and when the cash investors sell their shares in the market in the area of .01 pps.http://www.investorshub.com/boards/read_msg.asp?message_id=19391836
But the Pinksheets "company infor tab" on WRNW showed 330 million shares already outstanding as of 03/15/07.
Some of that 330 million shares "probably" reflected the Feb. 5th and 23rd sales of shares by the company to investors who paid cash for treasury share rights. But was the April 11/07 sale to raise $710,000 or was that just the running total of the three tranches? I have not seen but a couple pages of the REGDEX posted so far. But the answer could be very important.
I will not make any conclusions here, and the CEO may explain it all in the next week or so with a public "letter from the CEO to shareholders" as was e-mailed to one poster below. And as Charlatan has posted for days, even assuming the A/S and the O/S to be the same for calculation purposes, the stock is worth .02 to .03 just on the one lease with 119 wells. I hope that I am not misquoting him: http://www.investorshub.com/boards/read_msg.asp?message_id=19257306
In the case of WRNW the first REGDEX was for $50,000 issued on 2007-02-05. Considering the deep discount that private placement investors get. That $50,000 was probably worth about 10,000,000 shares. Now look at the chart on 2007-02-01 thats when the stock lost support at .04.
The next REGDEX amendment was on 2007-02-23 which was for the amount of $478,166.33. This probably added about 100M shares more.
The most recent REGDEX amendment was on 2007-04-11 in the amount of $231,180.50. This is about 50M shares more of dillution.
My guess-timate is about 150M-200M shares were added to the 330M figure. This was the reason for the A/S increase. My best guess is we have absorbed most of the dillution now. However ALOT of shares were bought under our current price of .01. Infact I would imagine there are quite a few people sitting with over 100% gains that have yet to sell. As each day passes a few get frustrated and sell. You also have many folks scalping for 10% gains. You probably also have a few Reg D investors that are still dribbling shares into the market. All said there is ALOT of churning going on. At some point a balance will happen and thats when we are all going to be very happy I think.
For you experienced chartists. Use the information I provided up above about the REGDEX amounts. Take into account mirror prints and day traders. Compare the dates with the dates on the chart. I think you will see that the end of this stock churning is almost done. The company stated they had completed raising the $1 million dollars. It is my best guess that the recent burden on the stock price has been the remaining 290M or so shares left to sell. Once they are sold and the amount tallied I bet we see one last REGDEX in the amount totaling close to $1M dollars.
The PR may have stated the $1M dollar financing was done, however I feel there might be a few more shares left, not many lets hope.
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