TORONTO, Oct. 16, 2015

TORONTO, Oct. 16, 2015 /CNW/ - Renova Holding Ltd. ("Renova Holding") announces that effective September 17, 2015, its subsidiary, Wedgwood Management Ltd. ("Wedgwood"), acquired beneficial ownership of 38,000,000 common shares ("Shares") of Falcon Oil & Gas Ltd. (the "Issuer") from Ruby Blue Ltd. ("Ruby"). Wedgwood and Ruby effected the transaction pursuant to a deed of settlement and instrument of transfer dated September 17, 2015, pursuant to which Ruby is transferring the Shares to Wedgwood in full satisfaction of a prior loan owed by Ruby to Wedgwood. As of the date of the transaction, the principal and interest outstanding on the loan equalled approximately C$7,857,020 (resulting in an implied price per Share of approximately C$0.2068).

Immediately after giving effect to the Share transfer, Renova Holding has indirect beneficial ownership and control of an aggregate of 150,810,134 Shares, representing approximately 16.37% of the issued and outstanding Shares publicly disclosed by the Issuer as of August 26, 2015. The Shares are held by Renova Holding (i) as to 112,810,134 Shares, through its indirect subsidiary Soliter Holdings Corp. ("Soliter"), representing 12.24% of the issued and outstanding Shares, and (ii) as to 38,000,000 Shares, through its indirect subsidiary Wedgwood, representing 4.12% of the issued and outstanding Shares.

Renova Holding intends to hold the Shares referred to above for investment purposes, and Renova Holding, and/or one or more of its subsidiaries or affiliates (including Soliter and Wedgwood) may, depending on market and other conditions, increase or decrease its beneficial ownership of Shares or other securities of the Issuer whether in the open market, by privately negotiated agreement or otherwise.

Renova Holding Ltd. is located at 2nd Terrace West, Centreville, P.O. Box N-7755, Nassau, Bahamas. For a copy of the early warning report filed on SEDAR, please contact Marco Montanari at Helvetic Management Services Ltd. on behalf of Renova Holding at +1 (242) 326-2150 or by email at helvetic@leadingservices.net.

The issuance of this news release is not an admission that an entity named herein owns or controls any securities described herein or is a joint actor with another named entity.

SOURCE Renova Holding Ltd.

Left side vs right side