FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia.
Falcon currently holds 150 million shares in FOGA, representing 72.68% of the issued share capital of FOGA.
Upon completion of the agreement, Falcon’s shareholding in FOGA will increase to 200 million shares representing 96.90% of the issued share capital of FOGA.
The terms of the agreement include a cash consideration of $3m together with the issue of 97.86 million Falcon shares to Sweetpea.
Upon completion of the agreement, Sweetpea’s shareholding in the enlarged share capital of Falcon will be 10.7%.
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