NEWSFalcon Oil & Gas Ltd. Announces Firm Underwriting Offering of Common Shares
11:13 EST Thursday, November 22, 2007
DENVER, COLORADO--(Marketwire - Nov. 22, 2007) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Further to it press release dated November 21, 2007, Falcon Oil & Gas Ltd. (TSX VENTURE:FO) ("Falcon" or the "Company") is pleased to announce that it has priced its previously announced public offering of the common shares of the Company. The offering will be conducted as an underwritten offering, with a syndicate of underwriters led by Orion Securities Inc. and including Evergreen Capital Partners Inc. (the "Underwriters") agreeing to purchase 100,000,000 Common Shares at a price of $0.40 per share (the "Offering Price") for aggregate gross proceeds of $40,000,000.
The Company has granted the Underwriters an over-allotment option, exercisable in whole or in part, in the sole discretion of the Underwriters at any time up to 30 days following the closing of the offering, to acquire up to an additional 15,000,000 of the common shares at the Offering Price to cover over-allotments, if any, and for market stabilization purposes.
Falcon Oil expects to use the net proceeds from the offering for completion of the three existing well bores and for general working capital, as determined and approved by the board of directors of the Company.
Closing of the offering is expected to occur on or about December 11, 2007 and is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly-owned subsidiary TXM Oil and Gas Exploration, LLC, and in Romania through its wholly-owned subsidiary JVX Energy Corporation.
In the interests of providing Company shareholders