Glen Rose Petroleum Corp. (GLRP, Financial) filed Annual Report for the period ended 2010-03-31.
Glen Rose Petroleum Corp. has a market cap of $4.08 million; its shares were traded at around $0 with and P/S ratio of 33.48.
On January 20, 2010 Blackwood Ventures LLC was issued 666,667 shares of common stock at $0.15 per share in consideration for an advance to the Company in December 2009 of $100,000 and on January 29, 2010 Blackwood Ventures LLC was issued 166,667 shares of common stock at $0.15 in consideration for an advance to the Company in December 2009 of $25,000. These are related-party transactions.
On March 3, 2010, Glen Rose Petroleum Corporation closed a secured convertible note and warrant transaction agreement with Iroquois Capital Opportunity Fund and twelve other investors. Pursuant to the secured convertible note transaction, the Company received $3,350,000 in exchange for the notes and warrants. The two year notes pay 8% interest or 12% interest if payment is made in kind. The outstanding principal and interest on the notes is convertible into Company common stock at the option of the note holder at $0.30 per share with the Company having the right to force conversion once the Company achieves a greater than $1.25 share price and minimum daily volume of $2,000,000. The maximum number of conversion common stock shares for the notes principal amounts, assuming all shares are converted, is 11,666,667 common stock shares. The notes are secured by all of the Company s and its subsidiaries assets. The investors also received a total of 11,666,667 warrants exercisable at $0.60 per share with five year terms. The warrants have cashless exercise provisions. Should the Company issue common stock for consideration that is less than the note conversion price or the warrant exercise price during the term of the notes or warrants, the note conversion price and the warrant exercise price shall be adjusted downward to equal the price at which the Company issued that common stock.
Read the The complete Report
Glen Rose Petroleum Corp. has a market cap of $4.08 million; its shares were traded at around $0 with and P/S ratio of 33.48.
Highlight of Business Operations:
On August 5, 2009, the Company entered into an agreement to borrow a total of $250,000 from Dr. Howard Berg. The amounts borrowed bear interest at a rate of 18% per annum. The amounts borrowed and accrued interest are secured by all of the shares of UHC Petroleum Corporation owned by the Company. In connection with the loan, the Company granted warrants to Dr. Berg to purchase 250,000 shares of its common stock at $0.33 per share expiring on January 3, 2011 and warrants purchase 250,000 shares of its common stock at $0.67 per share expiring on January 3, 2012. The granted warrants allow for cashless exercises. On February 26, 2010, the Company paid $100,000 and issued 603,917 shares of restricted common stock to Dr. Berg, the holder of a note issued by the Company and having an outstanding balance of $279,371.24 in full settlement of the outstanding indebtedness.On January 20, 2010 Blackwood Ventures LLC was issued 666,667 shares of common stock at $0.15 per share in consideration for an advance to the Company in December 2009 of $100,000 and on January 29, 2010 Blackwood Ventures LLC was issued 166,667 shares of common stock at $0.15 in consideration for an advance to the Company in December 2009 of $25,000. These are related-party transactions.
On March 3, 2010, Glen Rose Petroleum Corporation closed a secured convertible note and warrant transaction agreement with Iroquois Capital Opportunity Fund and twelve other investors. Pursuant to the secured convertible note transaction, the Company received $3,350,000 in exchange for the notes and warrants. The two year notes pay 8% interest or 12% interest if payment is made in kind. The outstanding principal and interest on the notes is convertible into Company common stock at the option of the note holder at $0.30 per share with the Company having the right to force conversion once the Company achieves a greater than $1.25 share price and minimum daily volume of $2,000,000. The maximum number of conversion common stock shares for the notes principal amounts, assuming all shares are converted, is 11,666,667 common stock shares. The notes are secured by all of the Company s and its subsidiaries assets. The investors also received a total of 11,666,667 warrants exercisable at $0.60 per share with five year terms. The warrants have cashless exercise provisions. Should the Company issue common stock for consideration that is less than the note conversion price or the warrant exercise price during the term of the notes or warrants, the note conversion price and the warrant exercise price shall be adjusted downward to equal the price at which the Company issued that common stock.
Read the The complete Report
