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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 C$0.20 each to Sheffield Holdings for a total of $10 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 $6 million. The completion of the placing is subject to approval of the TSX Venture Exchange. The placing will add $10 million to the company's cash balance of $8.4 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%
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