Falcon Oil & Gas Ltd. completes $11,910,000 debt and equity financing

DENVER, June 30 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO) ("Falcon" or the "Company") is pleased to announce that it has completed its previously announced public offering, issuing 11,910 units (the "Units") for gross proceeds of $11,910,000, at an offering price of $1,000 per Unit (the "Offering"). Each Unit consists of $900 worth of 11% convertible unsecured debentures (each a "Debenture") in the principal amount of $1,000 due on the date that is four years following the closing of the Offering and 250 common shares in the capital of the Company. The Debentures were issued in $1,000 principal amount increments only. In no circumstances will the principal amount of any Debenture issued be less than $1,000. The Offering was conducted on a commercially reasonable efforts basis by Salman Partners Inc. as agent.

The Company intends to use the net proceeds from the Offering in accordance with the description provided in the prospectus.

The above noted securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation S under the 1933 Act) except in accordance with an exemption from the registration requirements of the 1933 Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Source: CNW Group