Falcon Australia Pty Ltd intends ASX IPO in 2010

Before any offer is finalized the working interests of both Falcon Oil & Gas Ltd (75% through Falcon Australia Pty Ltd) and Petrohunter Energy Corporation Ltd (25% through Sweetpea Petroleum Pty Ltd) would be consolidated into equity interests in Falcon Australia Pty Ltd; so that Falcon Oil & Gas and Petrohunter Energy Corporation would own 75% and 25% of Falcon Australia respectively.

Once this consolidation has taken place Falcon Australia Pty Ltd will make an excluded offer to sophisticated investors, pursuant to Section 708(8) of the Australian Corporations Act, so that the offer is exempt from compliance with the prospectus provision of the Corporations Act. The company is seeking to raise pre-IPO capital of a minimum of US$50 million at US$1.00 per ordinary share and a 1 for 1, 3 year warrant at US$1.25/share. Part of this raising will be completed in Australia and part in the USA.

The company intends to move towards IPO in the first half of 2010.


Source: Martin Place Securities Pty Ltd - Download PDF