TSX Venture Exchange Conditional Approval & Additional Subscription
07/05/2024 13:00
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Falcon Oil & Gas Ltd
(“Falcon”, the “Company” or the “Group”)
TSX Venture Exchange Conditional Approval & Additional Subscription
7 May 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG), the international oil
and gas company engaged in the exploration and development of unconventional
oil and gas assets, is pleased to confirm that it has received TSX Venture
Exchange conditional approval for the second tranche of the Subscription by
Sheffield Holdings LP, as previously announced on 22 April 2024.
Accordingly, the Company has today issued a further 6,638,597 New Common
Shares to Sheffield Holdings LP at an Issue Price of £0.06p per share, taking
the aggregate interests of Sheffield Holdings LP to 116,386,398 Common Shares,
representing 10.49 per cent of the enlarged issued share capital.
Application for Admission
It is expected admission of the New Common Shares to trading on AIM will
become effective and dealings in those New Common Shares will commence on AIM
at 8.00a.m. (London time) on 10 May 2024. The New Common Shares will not trade
on the TSX Venture Exchange Market until the date that is four months and a
day after the day of issuance.
The New Common Shares will, when issued, be subject to the articles of
association of the Company and credited as fully paid and will rank equally in
all respects with the existing Common Shares. The Company’s total issued
share capital following Admission will be 1,109,141,512 Common Shares.
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O’Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Cavendish Capital Markets Limited (NOMAD & Joint Broker)
Neil McDonald / Adam Rae +44 131 220 9771
Tennyson Securities (Joint Broker)
Peter Krens +44 20 7186 9033
Capitalised terms used but not defined in the text of this Announcement shall
have the meanings given to them in the announcements made by the Company at
12.30p.m.(London time) on 18 April 2024 and at 7.10a.m. (London time) on 22
April 2024.
About Falcon Oil & Gas Ltd
Falcon is an international oil and gas company engaged in the exploration and
development of unconventional oil and gas assets, with the current portfolio
focused in Australia. Falcon is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in Budapest,
Hungary. Falcon is listed on AIM and the TSX Venture Exchange Market.
For further information on Falcon Oil & Gas Ltd. Please visit
www.falconoilandgas.com
Forward-Looking Information
The Announcement contains (or may contain) certain forward-looking statements
that are subject to risks and uncertainties. Forward looking statements
include statements relating to the following: the completion of the
Fundraising, including the Second Admission. These statements, which sometimes
use words such as "anticipate", "believe", "intend", "estimate", "expect",
"will", "may", "should", "plan", "target", "aim" and words of similar meaning
or similar expressions or negatives therefor, reflect the Directors' beliefs
and expectations and involve a number of risks, uncertainties and assumptions
that could cause actual results and performance to differ materially from any
expected future results or performance expressed or implied by any such
forward-looking statement. Many of these risks and uncertainties relate to
factors that are beyond the Company’s ability to control or estimate
precisely, such as (i) price fluctuations in crude oil and natural gas; (ii)
currency fluctuations; (iii) drilling and production results; (iv) reserves
estimates; (v) loss of market share and industry competition; (vi)
environmental and physical risks; (vii) risks associated with the
identification of suitable potential acquisition properties and targets, and
successful negotiation and completion of such transactions; (viii)
legislative, fiscal and regulatory developments including regulatory measures
addressing climate change; (ix) economic and financial market conditions in
various countries and regions; (x) political risks, including the risks of
renegotiation of the terms of contracts with governmental entities, delays or
advancements in the approval of projects and delays in the reimbursement of
shared costs; (xi) drilling wells is speculative, often involving significant
costs that may be more than estimated and may not result in discoveries and
(xii) changes in trading conditions. The Company cannot give any assurance
that such forward-looking statements will prove to have been correct.
Statements contained in the Announcement regarding past trends or activities
should not be taken as a representation that such trends or activities will
continue in the future. The information contained in the Announcement is
subject to change without notice and, except as required by applicable law,
neither the Bookrunner nor the Company assumes any responsibility or
obligation to update publicly or review any of the forward-looking statements
contained herein whether as a result of new information, future events or
otherwise. You should not place undue reliance on forward-looking statements,
which speak only as of the date of the Announcement. Nothing contained herein
shall be deemed to be a forecast, projection or estimate of the future
financial performance of the Company or any other person following the
implementation of the Placing or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release