SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2012

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

8. SHAREHOLDERS' EQUITY

Equity Infusion—ATM Sales

        On October 31, 2011, the Company, entered into an ATM Sales Agreement with BTIG, pursuant to which the Company may sell from time to time, shares of its common stock through an "at-the-market" share offering program under its currently effective registration statement on Form S-3. The Company may sell up to $15,000,000 in aggregate offering price of its common stock through BTIG, acting as sales agent. On October 31, 2011, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the offering. The Company will pay BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement. The Company raised approximately $5.4 million of net proceeds in 2012 through the ATM Sales Agreement through the sale of 0.97 million shares of common stock. The Company raised approximately $325,000 of net proceeds in 2011 under the ATM Sales Agreement through the sale of 47,700 shares of common stock. The Company has a total of $9.0 million available for future sales under the ATM Sales Agreement.

Equity Infusion—Private Placement

        The Company raised $10 million on March 9, 2012 in a private placement with Resource Capital Fund V L.P. ("RCF"). In connection with the transaction the Company sold 1.0 million shares of common stock at a price of $9.75 per share. The Company also raised $5 million on September 5, 2012 in a private placement with RCF. In this transaction the Company sold 0.97 million shares of common stock at a price of $5.16 per share. These capital transactions were conducted as a part of the acquisition for all of the outstanding shares of Neutron Energy, Inc. See Note 4—"Merger and Financing Agreement with Neutron Energy" for a description of these financings.

Equity Infusion—Public Offering

        During 2010, the Company raised capital in June and July 2010 through two underwritten public offerings. Under the transactions, a total of 3.54 million shares of common stock were sold in the offering with net proceeds of approximately $19.1 million, after deducting underwriting discounts and commissions and estimated offering expenses.

Deferred Compensation

        The Company has Deferred Compensation Plans for the years 1999 to 2004 (the "Deferred Compensation Plans") whereby executive officers and directors were permitted to defer up to 100% of their compensation for the years 1999-2004. The participants elected to receive the deferred amount in shares of our Common Stock valued at $8.00 per share. On January 11, 2011 the participants elected to receive restricted stock totaling 88,500 shares in lieu of the cash due under the deferred compensation plans.

Warrants

        In connection with the May 2008 equity infusion, the Company issued warrants to purchase 0.99 million additional shares of common stock at a price of $57.80 per share. These warrants expire in May 2013 and are outstanding and exercisable as of December 31, 2012.