Editors Note: FieldPoint is in the oil & gas business and based in Austin, Tx. They like many in the oil & gas sector have seen their share price punished. What I like is that they are being pro-active with this major short term reduction in the exercise price of the stock warrants which are currently trading. AUSTIN, Texas, June 24, 2015 /PRNewswire/ — FieldPoint Petroleum Corporation (NYSE/MKT: FPP) today announced that it has approved a temporary reduction to the exercise price of its publicly traded warrants (the “Warrants”). The Warrants were issued as a dividend to the holders of its common stock on March 26, 2012 and currently trade on the NYSE MKT under the ticker symbol “FPP WS”. The issuance of shares of the Company’s common stock upon exercise of the Warrants (“Warrant Shares”) has been registered under the Securities Act of 1933, as amended in a Registration Statement on Form S-3, SEC File No. 333-180419. Phillip Roberson, President and CFO of the Company, stated, “Recent market conditions have created excellent opportunities that we have not been able to take advantage of. We believe that this temporary reduction in exercise price will provide an economical method of raising capital at an attractive price for our loyal supporters. This new capital will improve our liquidity, reduce our warrant overhang, strengthen our operating budget, and support our acquisitions strategy.” The Warrants are currently exercisable to purchase shares of the Company’s common stock at price of $4.00 per share. Due to recent declines in commodities prices and the … Continue reading
In our March issue of The Warrant Report we stated, “…Actually now, gold (and somewhat silver) are short-term overbought and a reasonable pullback, possibly down to the $1270 and $20.50 range should not be unexpected…”
Gold did make it down to $1276 and silver to around the $19.70 range.
Gold has subsequently bounced back up and closed on Friday, April 4th at $1302.30 and silver at $19.96.
Read The Full April 2014 Warrant Report Here