Business
Falcon Oil & Gas Ltd. announces the filing of a preliminary short form prospectus for an offering of 11% unsecured convertible debentures and common shares
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/ TSXV S...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.\nNEWSWIRE SERVICES/\n\n\nTSXV Symbol: FO\n\n\nDENVER, May 26 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the\n"Company") today announced that it has filed a preliminary short form\nprospectus with the securities regulatory authorities in the provinces of\nBritish Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and\nNew Brunswick. The offering is for units (the "Units") at a price of $1,000\nper Unit (the "Offering"). Each Unit consists of one 11% convertible unsecured\ndebenture in the principal amount of $900 (each, a "Debenture") that matures\non the fourth anniversary of its issuance and a certain number of common\nshares in the capital of the Company (the "Unit Shares"). The Debentures\ncontain certain automatic and optional conversion features, as well as certain\nredemption features. The Offering will be conducted by Salman Partners Inc. as\nagent.\n\n\nFinal determination of the number of Units to be sold under the Offering\nand the number of Unit Shares to be issued will occur prior to the filing of\nthe (final) short form prospectus in respect of the Offering.\n\n\nFalcon expects to use the net proceeds from the Offering for development\nof its properties in Hungary and for general working capital, as determined\nand approved by the board of directors of the Company. In addition, an amount\nof the gross proceeds of the Offering equal to the first two interest payments\npayable under the Debentures will be deposited in escrow at closing.\n\n\nClosing of the Offering is expected to occur on or about June 16, 2009\nand is subject to certain conditions, including but not limited to, receipt of\nall necessary securities regulatory approvals, including the approval of the\nTSX Venture Exchange.\n\n\nThis news release does not constitute an offer to sell or a solicitation\nof an offer to buy any of the securities in the United States. The securities\nhave not been and will not be registered under the United States Securities\nAct of 1933, as amended (the "U.S. Securities Act") or any state securities\nlaws and may not be offered or sold within the United States or to U.S.\nPersons unless registered under the U.S. Securities Act and applicable state\n...