Business
Falcon Oil & Gas Ltd. Completes $40,000,000 Equity Financing
BUDAPEST, Hungary, Dec. 17 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "Company") ...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nBUDAPEST, Hungary, Dec. 17 /CNW/ -- Falcon Oil & Gas Ltd. (TSXV: FO)\n("Falcon" or the "Company") is pleased to announce that it has completed today\nits previously announced public offering (the "Offering") of 100,000,000\ncommon shares in the capital of the Company (the "Common Shares") at $0.40 per\nCommon Share (the "Issue Price") for aggregate gross proceeds of $40,000,000.\n\n\nThe Offering was completed by a syndicate of underwriters led by\nMacquarie Capital Markets Canada Ltd., which included Evergreen Capital\nPartners Inc. (collectively, the "Underwriters").\n\n\nThe Company intends to use the net proceeds from the Offering for\ncompletion and testing of three of its existing wells (Mako-4, Mako-6, and\nMako-7), which the Company previously drilled in the Mako Trough on its\nlicenses in Hungary, and for general working capital purposes.\n\n\nIn connection with the Offering, the Company also granted the\nUnderwriters an over-allotment option, exercisable in whole or in part in the\nsole discretion of the Underwriters at any time until January 17, 2008, to\narrange for the sale of up to an additional 15,000,000 Common Shares at the\nIssue Price to cover over-allotments, if any, and for market stabilization\npurposes.\n\n\nThe Common Shares have not been and will not be registered under the\nUnited States Securities Act of 1933, as amended (the "1933 Act"), and may not\nbe offered or sold in the United States or to U.S. Persons (as defined in\nRegulation S under the 1933 Act) except in accordance with an exemption from\nthe registration requirements of the 1933 Act and applicable state securities\nlaws. This press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy nor shall there be any sale of the securities\nin any jurisdiction in which such offer, solicitation or sale would be\nunlawful.\n\n\nAbout Falcon Oil & Gas Ltd.\n\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, LLC,\nand in Romania through its wholly-owned subsidiary JVX Energy Corporation.\nFurther information about Falcon is available at www.falconoilandgas.com.\n...