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Friday, 5 July 2013
Falcon Oil & Gas debt free after repaying convertibles
Falcon Oil & Gas (LON:FOG, ESM:FAC, CVE:FO) is now completely debt free after repaying in full convertible loan notes.
The notes, totalling C$10.65mln, were issued in 2009 to a small number of institutional and retail investors. They carried interest of 11% and would have been convertible at 60 Canadian cents a share.
“The company raised approximately US$25m in March of this year and it was always the intention to use part of the proceeds to repay the debt in full on or before its maturity date,” Falcon said in a stock market statement.
“This repayment now means that the company is completely debt free.”
Falcon joined the Irish Stock Exchange and AIM in March following the US$25mln funding. It is currently advancing projects in Hungary, Australia and South Africa.