CAYMAN ISLANDS, Jan. 4, 2017 /CNW/ - Firebird Global Master Fund Holdings, Ltd. ("FGMF") reports that on December 30, 2016, FGMF acquired 19,064,630 common shares of Vanoil Energy Ltd. (the "Issuer") (representing 16.30% of the outstanding shares of the Issuer) from Firebird Global Master Fund II Holdings, Ltd. ("FGMF II").
Prior to the transaction, the aggregate number of securities of the Issuer held by the FGMF and its joint actors, namely FGMF II and James Passin, was 52,115,675 common shares, 4,291,666 warrants to acquire the same number of common shares in the share capital of the Issuer and 950,000 options to acquire the same number of common shares in the share capital of the Issuer.
Post-transaction, out of the 52,115,675 common shares, 4,291,666 warrants, and 950,000 options, 51,615,675 common shares and 4,291,666 warrants are held by the FGMF and 500,000 common shares, and 950,000 options are held by James Passin. Post-transaction, FGMF II does not hold any common shares of the Issuer.
The 52,115,675 common shares held by the FGMF and its joint actors represent approximately 44.57% of the outstanding common shares of the Issuer.
In addition, assuming the exercise by the FGMF and its joint actors of the abovementioned warrants and options to acquire additional common shares of the Issuer, the total securityholding in the share capital of the Issuer would be 57,357,341 common shares, representing approximately 46.95% of the outstanding common shares of the Issuer, including the common shares deemed to be acquired pursuant to the exercise of such warrants and options.
The securities are held for investment purposes. FGMF and FGMF II may, from time to time, acquire additional securities of the Issuer, may continue to hold their present position or may dispose of their securities.
This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation. For inquiries or a copy of the related early warning report, a copy of which has also been filed on www.sedar.com, please contact:
SOURCE Firebird Global Master Fund Holdings, Ltd.
For further information: Mr. Harvey Sawikin, Director, Firebird Global Master Fund Holdings, Ltd., (212) 698-9260, HSawikin@fbird.com