CALGARY, Alberta, Nov. 21, 2018 (GLOBE NEWSWIRE) — Zargon Oil & Gas Ltd. (“ Zargon ” or the “ Company “) (TSX:ZAR; ZAR.DB.A) announces a proposed transaction to settle its $41.94 million principal amount of outstanding 8.00% convertible unsecured subordinated debentures due December 31, 2019 (the “ Debentures “) for equity (the “ Transaction “). THE PROPOSAL The Company intends to make a proposal to the holders (the “ Debentureholders “) of the Debentures pursuant to which all of the Debentures will be settled and all claims of the Debentureholders thereunder will be extinguished in exchange for common shares (“ Common Shares “) in the capital of Zargon, including the payment, in the form of Common Shares, of the accrued interest owing on the Debentures on the closing date of the Transaction on the basis of a price of $0.10 per Common Share. Pursuant to the Transaction, Zargon will issue approximately 428.8 million Common Shares representing approximately 93.28% of the pro forma Common Shares outstanding on the closing of the Transaction which is expected to be on or about January 10, 2019 (the “ Closing Date “). EXCHANGE PRICE The rules of the Toronto Stock Exchange (the “ TSX […]