VANCOUVER, April 20 /CNW/ - On April 16, 2010, pursuant to the terms of a subscription agreement between Saxon Oil Company Ltd. (the "Company") and Mr. Jim Gagan, Mr. Gagan acquired 28,559,000 units of the Company. Each Unit consists of one common share (a "Share") of Saxon and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of Saxon at a price of $0.15 per common share until April 16, 2012. Accordingly, Mr. Gagan beneficially owns an aggregate of 28,559,000 common shares of Saxon which represents 14.96% of Saxon's current issued and outstanding common shares.
Following the above-mentioned transaction and in the event that the Warrants are exercised in full, Mr. Gagan will beneficially own 26.02% of Saxon's then issued and outstanding common shares.
The purchase of the 28,559,000 Units were undertaken for investment purposes only, and Mr. Gagan may increase or decrease its shareholdings in the Company as circumstances may arise.
"Jim Gagan "
Mr. Jim Gagan
SOURCE Saxon Oil Company Ltd.
For further information: For further information: A copy of the related early warning report filed with the British Columbia and Alberta Securities Commissions may be obtained from the SEDAR website (www.sedar.com) or by contacting the Company at (604) 687-3992