| OTC BB: MGWSF | Feb 8, 2010 (last traded) | ||
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| Last Trade: | 0.17 | ||
| Change: | 0.00  |
0.000% | |
| Day High: | 0.17 | ||
| Day Low: | 0.16 | ||
| Volume: | 100,400 | ||
| Bid Price: | 0.16 | Bid Size: | 5000 |
| Ask Price: | 0.17 | Ask Size: | 5000 |
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The Company’s shares trade in the United States on the Over-the-Counter Bulletin Board exchange (“OTC”). The number of outstanding shares and the number of shares that could be issued if all dilutive instruments are converted to shares at the following dates were:
| Aug. 28, 2009 | ||
| Common Shares Outstanding Stock options (1) Series A preferred shares (2) |
|
133,244,472 7,478,500 31,428,571 |
| Warrants associated with Series A preferred shares (2) | 15,400,000 | |
| Total potential shares | 187,551,543 | |
Notes:
(1) Represents stock options to purchase common shares at prices from U.S.$0.10 to U.S.$1.57 per share, with expiry dates from March 15, 2011 through to March 15, 2013 and with various vesting terms.
(2) Pursuant to the agreements with ICO Fund and Investors, the Company issued to the Investors 22,000 Series A convertible preferred shares, with a stated value of $100 each (the “Series A Preferred Shares”), for gross proceeds of US$2,200,000. Based on their stated value, the Series A Preferred Shares are convertible into common shares at US$0.07 per common share. A quarterly cumulative dividend based upon the stated value of the Series A Preferred Shares is payable, at the Company’s election, as to either 5% cash or 7.5% in additional Series A Preferred Shares. The Series A Preferred Shares also have a provision whereby upon liquidation, dissolution, winding up or sale of the Company any outstanding Series A Preferred Shares will be paid out ahead of the common shares at a rate of two times the stated value of the Series A Preferred Shares. After 12 months from the date of issue, the Company may force the conversion of the Series A Preferred Shares provided: i) production from the Deerfield Area is 15,000 barrels of oil in a 30 day period; ii) the common shares have traded at or above US$0.25 per share for the preceding 20 consecutive trading days; and iii) the daily average dollar trading volume has been in excess of US$75,000 per day for the same 20 day period.
In conjunction with the Series A Preferred Share issuance, the Company has also issued to the Investors 15,400,000 warrants. Each warrant allows the holder to purchase a common share at US$0.25 per share until August 28, 2014. After May 28, 2010 a cashless conversion option is provided only with respect to warrant shares not included for unrestricted public resale in an effective registration statement on the date notice of exercise is given to the Company
Since the Company’s change in focus to oil and gas in December 2006, MegaWest has raised US$50,061,050 from the following equity offerings:
Click here to review our Forward-Looking Statement Disclaimer.
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Feb. 1, 2010 Investor update and corporate presentation. Click here to View |
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May 28, 2008 US Heavy Oil Potential In 2007, world crude oil consumption approached 1,000 barrels of oil per second while production has remained flat. Learn how this trend is creating a pressing need for the development of non-conventional resources. Click here to View Presentation |