Falcon Oil & Gas Ltd (UK) (TSE:FO) has released an update.
Falcon Oil & Gas Ltd has announced a fundraising initiative aimed at raising approximately $8.5 million through a mix of a placing of new shares and direct subscriptions, coupled with granting overriding royalty interests (ORRIs) on its exploration permits in the Beetaloo Sub-Basin. The effort includes a conditional placing of shares with institutional investors and subscriptions from new and existing investors at a set issue price. The ORRIs, subject to final agreements and government registration, are expected to bring in an additional $4 million from two energy entities.
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