In This Article:
Falcon Oil & Gas Ltd.
(“Falcon”, “Company”)
Granting of stock options
7 June 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that on 6 June 2022 it granted incentive stock options (“Options”) to purchase an aggregate of 16,250,000 common shares of Falcon to directors and officers under the stock option plan approved at Falcon’s annual shareholders meeting held on 12 November 2021.
The Options were granted at an exercise price of GBP£0.15 (equivalent to CDN$0.24), with further details set out below:
| Name | Number of | Total number of Options |
| Joe Nally – Non - Executive Chairman | 750,000 | 3,750,000 |
| Philip O’Quigley – CEO | 5,000,000 | 25,000,000 |
| Anne Flynn – CFO | 7,500,000 | 12,500,000 |
| Gregory Smith – Non - Executive Director | 500,000 | 2,500,000 |
| Tom Layman – Non - Executive Director | 2,500,000 | 2,500,000 |
All of the Options granted have a vesting schedule allowing for 1/3 of the Options to vest immediately with an additional 1/3 vesting on each subsequent anniversary until the Options are fully vested on 6 June 2024. The Options have an expiry date of 5 June 2027.
Following this grant, and the expiry of certain options in February 2022, there are 57,250,000 Options outstanding, representing 5.48% of the issued and outstanding common shares of Falcon.
Ends.
CONTACT DETAILS:
| Falcon Oil & Gas Ltd. | +353 1 676 8702 |
| Philip O'Quigley, CEO | +353 87 814 7042 |
| Anne Flynn, CFO | +353 1 676 9162 |
|
| |
| Cenkos Securities plc (NOMAD & Broker) |
|
| Neil McDonald / Derrick Lee | +44 131 220 9771 |
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.