08:41 AM EDT, 09/03/2024 (MT Newswires) -- Falcon Oil & Gas Ltd. ( FOLGF ) (TSXV: FO, AIM: FOG), trading at the low end of its 52 week trading range in Canada, announced earlier Tuesday that it plans to change its corporate name to 'Beetaloo Resources Corp.' and to consolidate its share capital on the basis of up to 250 pre-consolidation common shares for each one post-consolidation common share.

A statement noted the name change and consolidation are subject to shareholder approval being obtained at a special meeting of shareholders to be held on October 29, 2024, and all necessary regulatory approvals including the approval of TSX Venture Exchange and AIM.

The company said it is proceeding with the consolidation in order to pursue a listing on a U.S. stock exchange during the first half of 2025, which is expected to expand awareness of the company among U.S. based investors and potentially provide the company with additional sources of capital. The company added it plans to complete the name change in order to align the name with its strategic focus on appraisal and development activities in the Beetaloo Sub-basin, Northern Territory, Australia.