FXEN » Topics » Note 10: Subsequent Events

This excerpt taken from the FXEN 10-Q filed Nov 7, 2008.

Note 10: Subsequent Events

 

Subsequent to September 30, 2008, warrant holders exercised 639,780 warrants at an exercise price of $3.75 per share, resulting in proceeds to the Company of approximately $2.4 million. The warrants were issued in a 2003 offering of common stock and warrants with an expiration date of November 5, 2008. All warrants associated with the Company’s 2003 offerings have now been exercised. Subsequent to September 30, 2008, option holders exercised 145,000 options at an exercise price of $2.44 per share, resulting in proceeds to the Company of approximately $354,000.

 

Also subsequent to September 30, 2008, the Company drew the remaining $14 million available under its Senior Credit Facility. The additional borrowing was not tied to specific immediate capital needs; rather it was a precautionary move in light of current instability in the credit markets. The primary long-term use for the cash will be to fund the development of the Company's existing Polish natural gas properties.

 

According to its foreign currency risk policy, subsequent to September 30, 2008, the Company purchased certain Polish zloty forward contracts to match future expected capital requirements in Poland.

 

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This excerpt taken from the FXEN 10-Q filed Aug 7, 2008.

Note 10: Subsequent Events

 

Subsequent to June 30, 2008, warrant holders exercised 504,200 warrants at an exercise price of $3.75 per share, resulting in proceeds to the Company of approximately $1.9 million. The warrants were issued in a 2003 offering of common stock and warrants with an expiration date of July 22, 2008.

 

Also subsequent to June 30, 2008, the Company drew $6 million under its Senior Credit Facility. This is the approximate amount of the capital cost incurred by the Company in connection with the construction of production facilities at the Zaniemysl and Wilga wells.

 

EXCERPTS ON THIS PAGE:

10-Q
Nov 7, 2008
10-Q
Aug 7, 2008
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