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| EX-99.1 - PRESS RELEASE - FIELDPOINT PETROLEUM CORP | fp_ex99z1.htm |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 24, 2015
FIELDPOINT PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Colorado | 001-32624 | 84-0811034 |
(State or other jurisdiction of incorporation or organization) | (Commission file number) | (IRS Employer Identification No.) |
609 Castle Road # 335, Austin TX 78746
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (512) 250-8692
_________________________________________
(Former name or former address, if changed since last report)
___ | Written communications pursuant to Rule 425 under the Securities Act |
___ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
___ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
___ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
ITEM 3.03 MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS
ITEM 7.01 REGULATION FD DISCLOSURE
On June 24, 2015, the Board of Directors of FieldPoint Petroleum Corporation (NYSE/MKT: FPP) (the “Company”) 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.
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, as well as associated decline in the Company’s results of operations and the resultant loss of market value of the Company’s Common Stock, the initial exercise price of the Warrants is significantly above the market value of the underlying Warrant Shares.
To provide an incentive to Warrant holders to exercise their Warrants, the Company’s Board of Directors has approved a temporary modification pursuant to which for a period of 33 days commencing at the opening of trading on July 6, 2015 and ending at the close of trading on August 7, 2015 (the “Modification Period”), the Exercise Price of the Warrants shall be reduced to $1.00 per share of Common Stock (the “Warrant Modification”). Any and all Warrants remaining unexercised after the expiration of the Modification Period shall remain in full force and effect for the duration of their term with the Initial Exercise Price being reinstated following such Modification Period.
The Company will prepare and file a Prospectus Supplement to the Registration Statement covering the foregoing Warrant Modification prior to the commencement of the Modification Period.
On June 24, 2015, the Company issued a press release announcing the foregoing Warrant Modification. A copy of the press release is filed as an exhibit hereto.
ITEM 9.01: FINANCIAL STATEMENTS AND EXHIBITS
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99.1 | Press Release dated June 24, 2015 | ||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FIELDPOINT PETROLEUM CORPORATION |
Date: June 24, 2015 | By_/s/ Phil Roberson___ Phil Roberson
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