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VIRGINIA HILLS OIL CORP VFGGF

"Virginia Hills Oil Corp, formerly Pinecrest Energy Inc was incorporated under the ABCA on March 24, 2006 under the name Testudo Oil & Gas Exploration Ltd. The Company is a Calgary, Alberta-based oil and natural gas exploration, production and development company with operations in the Canadian provinces of Alberta and Saskatchewan."


GREY:VFGGF - Post by User

Comment by ofirmeon Feb 17, 2015 4:02pm
207 Views
Post# 23437213

RE:RE:RE:Cardinal Energy acquires PRY

RE:RE:RE:Cardinal Energy acquires PRYThere are a number of versions of the final number of outstanding shares:

217M shares will be exchanged at 1:100 = 2.17M new shares.
217M shares will be issued warrants at 8:100 @ $0.25 (good for 30 days only) = 
  0 - 17.36M (depending on who how many are willing to put more money in). this will be 
  backstopped.
private placement of 8M shares X $0.25 = $2M 
warrants for the private placement (for 5 years or when the 20 day average price reaches 
 the strike price):
 8M @ $0.30
 8M @ $0.35
The bank syndication will get warrants of 10% of outstanding shares and warrants @ $0.30
 with term of 5 years or 30 days after the credit line matures.
The NOL's of the company will be sold to Cardinal with 10% of the assets for $23.5M.
The debt on the company will be (assuming no warrants are exercised) 
 $111.5M (total net debt $114.5M) - $23.5M - TBD ($0-$4.4M) = ~$88M drawn on line of credit.
 
The issues that I see is that we do not know how much is the cost of these new people (who 
 are the same BOD that failed before and management who moves between juniors) per 
 year and what will they do for the debt. they sold the losses, but did not bring in money to fix
 the debt. 

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