Vancouver, B.C., July 22, 2016. FALCON GOLD CORP. (FG: TSX-V)
("Falcon" or the "Company") announces that subsequent to receiving shareholder approval of a 5 for 1 share consolidation on January 14, 2016, management is proceeding to complete the consolidation. The Company currently has 42,185,496 common shares issued and outstanding. Subject to exchange acceptance, the resulting post consolidation shares outstanding will be 8,437,099. The exercise price and number of common shares issuable pursuant to all outstanding stock options and warrants will also be adjusted in accordance with the consolidation ratio.
Management and Directors believe the share consolidation is in the best interests of the shareholders in order to facilitate and secure additional financing and new opportunities.
The Company also announces it intends to arrange a non-brokered private placement of up to 7.27 million Units priced at $0.055 per Unit for total gross proceeds of up to $400,000. Each Unit will consist of one (post-consolidated) common share and one (post-consolidated) 2 year common share purchase warrant. Each warrant will be exercisable for one common share at $0.10 for 2 years following the closing. The shares will be subject to a 4 month hold period and the private placement is subject to TSX Venture Exchange approval.
Proceeds from this financing shall be used for investigating project acquisitions, and general corporate purposes.
About Falcon Gold Corp.
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas.
On Behalf of the Board,
"David G. Tafel"
For additional information, please visit our website: www.falcongold.ca
Neither 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.
This news release may contain forward looking statements concerning future operations of Falcon Gold Corp. (the "Company"). All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.