1st Apr 2022 06:01
Falcon Oil & Gas Ltd - oil and gas company focused on Australia and South Africa - Receives private placement from Sheffield Holdings. Falcon sells 62.5 million shares at a price of CAD0.20 each to Sheffield Holdings for a total of USD10 million. Sheffield will hold a total of 90.4 million shares in Falcon, representing 8.7% of Falcon's issued and outstanding shares.
Falcon also agrees to grant Sheffield a 2% overriding royalty interest over Falcon's 22.5% working interest in the Beetaloo Sub-Basin exploration permits, located in Australia, in return for a cash payment of USD6 million. The completion of the placing is subject to approval of the TSX Venture Exchange. The placing will add USD10 million to the company's cash balance of USD8.4 million as at February 28. This "leaves Falcon in a strong financial position well ahead of future decisions on the Beetaloo project," Falcon says.
Current stock price: 11.10 pence
12-month change: up 70%
By Tom Budszus; [email protected]
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