WASHINGTON, DC, June 1 /CNW/ - IFC, the private sector arm of the World
Bank Group, confirms that it acquired 4,160,578 common shares of PetroFalcon
Corporation (the "common shares") on December 18, 2006, representing about
4.8 percent of the outstanding common shares, by exercising its right under
the conversion option agreement among IFC, Vinccler Oil and Gas, C.A.
("Vinccler"), and PetroFalcon Corporation ("PetroFalcon") dated June 27, 2005
(the "conversion option agreement").
As of the date hereof, IFC beneficially owns 8,878,502 common shares,
representing 10.27 percent of the outstanding common shares.
The 4,160,578 common shares were issued by PetroFalcon under the
conversion option agreement as a result of IFC converting the remaining
US$4 million of the US$12 million principal amount of the loan provided by IFC
to Vinccler, a subsidiary of PetroFalcon, under the C-loan agreement between
Vinccler and IFC dated as of June 24, 2005.
IFC, the private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries. IFC supports sustainable private
sector companies and other partners in generating productive jobs and
delivering basic services, so that people have opportunities to escape poverty
and improve their lives. Through FY06, IFC Financial Products has committed
more than $56 billion in funding for private sector investments and mobilized
an additional $25 billion in syndications for 3,531 companies in 140
developing countries. IFC Advisory Services and donor partners have provided
more than $1 billion in program support to build small enterprises, to
accelerate private participation in infrastructure, to improve the business
enabling environment, to increase access to finance, and to strengthen
environmental and social sustainability. IFC's headquarters are located at
2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433. For more information,
please visit www.ifc.org.
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