Business
Falcon Oil & Gas Ltd. Amends Escrow Agreement Dated April 1, 2005
Falcon Oil & Gas Ltd. Amends Escrow Agreement Dated April 1, 2005.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n\n(TSXV Symbol: FO)\n\nVANCOUVER, July 17 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) (the\n\"Corporation\") announced today that MGI Securities Inc. (\"MGI\") has agreed to\na waiver (the \"Waiver\") to release certain common shares of the Corporation\nthat were placed into escrow pursuant to an escrow agreement, a copy of which\nis available at www.sedar.com (the \"Escrow Agreement\") in connection with the\nCorporation's acquisition of the shares of Mako Energy Corporation completed\non April 1, 2005. The Waiver provides for the immediate release of certain\ncommon shares of the Corporation from escrow as well as for a reduction in the\nterm of the escrow for the remaining common shares held in escrow. The\nreduction shortens the term of the escrow from six years to the three year\nminimum escrow period required by the policies of the TSX Venture Exchange.\nUnder the original terms of the Escrow Agreement, 140,000,000 common\nshares of the Corporation were placed in escrow on April 1, 2005 with such\nshares being released from escrow in tranches every six months for a period of\nsix years, which to date has provided for the release of 14,000,000 common\nshares. As a result of the Waiver, an additional 42,000,000 common shares will\nbe released from escrow immediately as freely tradeable common shares, with\nthe remaining 84,000,000 common shares being released from escrow as freely\ntradeable common shares in four equal tranches. The first of such four\ntranches is scheduled for October 12, 2006 with the remaining three tranches\nto occur in subsequent six month intervals ending on April 12, 2008.\n\nAbout Falcon Oil & Gas Ltd.\n\nFalcon Oil & Gas Ltd. is a British Columbia corporation which is in the\nbusiness of oil and gas exploration and production. It has operations in\nHungary through its wholly-owned subsidiary TXM Oil and Gas Exploration, and\nin Romania through its wholly-owned subsidiary JVX Energy Corporation.\nFurther information about Falcon is available at www.falconoilandgas.com.\n\nIn the interests of providing Company shareholders and potential\ninvestors with information regarding the Company, including the Company's\nassessment of its and its subsidiaries' future plans and operations, certain\nstatements included in this press release may constitute forward-looking\ninformation or forward-l...