Falcon Oil & Gas has completed its previously announced public offering of 100 million common shares in the capital of the company at $0.40 per Common Share for aggregate gross proceeds of $40 million.
The Company intends to use the net proceeds from the Offering for completion and testing of three of its existing wells (Mako-4, Mako-6, and Mako-7), which the Company previously drilled in the Mako Trough on its licenses in Hungary, and for general working capital purposes.
In connection with the Offering, the Company also granted the Underwriters an over-allotment option, exercisable in whole or in part in the sole discretion of the Underwriters at any time until January 17, 2008, to arrange for the sale of up to an additional 15,000,000 Common Shares at the Issue Price to cover over-allotments, if any, and for market stabilization purposes.
The Common Shares 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.
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