Falcon Oil & Gas Ltd. - Falcon Announces Planned Share Consolidation and Name Change to pursue U.S. Listing
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FALCON OIL & GAS LTD.
(“Falcon” or the “Company”)
Falcon Announces Planned Share Consolidation and Name Change to pursue U.S. Listing
3 September 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that it plans to change its corporate name to “Beetaloo Resources Corp.” (the “Name Change”) and to consolidate its share capital on the basis of up to two hundred and fifty (250) pre-consolidation common shares for each one (1) post-consolidation common share (the “Consolidation”). The Name Change and Consolidation are subject to shareholder approval being obtained at a special meeting of shareholders to be held on 29 October 2024 and all necessary regulatory approvals including the approval of TSX Venture Exchange and AIM.
The Company wishes to proceed with the Consolidation in order to pursue a listing on a U.S. stock exchange during H1 2025, which is expected to expand awareness of the Company among U.S. based investors and potentially provide the Company with additional sources of capital. In conjunction with the Consolidation, the Company plans to complete the Name Change in order to align the Company’s name with its strategic focus on appraisal and development activities in the Beetaloo Sub-basin, Northern Territory, Australia.
The Company currently has 1,109,141,512 issued and outstanding Common Shares. In the event that the Consolidation is completed, for example on a two hundred and fifty (250) to one (1) basis, the Company would have approximately 4,436,566 common shares outstanding following the Consolidation. In addition, the exercise price and number of common shares issuable upon the exercise of any convertible securities would be proportionally adjusted upon the implementation of the Consolidation. Subject to obtaining all necessary approvals, the Consolidation would occur at a time and exchange ratio to be determined by the Board of Directors of the Company.
Further details regarding the Consolidation and Name Change will be provided at a later date.
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 |
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| Cavendish Capital Markets Limited (NOMAD & Joint Broker) | |
| Neil McDonald / Adam Rae | +44 131 220 9771 |
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| Tennyson Securities (Joint Broker) |
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| Peter Krens | +44 20 7186 9033 |
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.