AUSTIN, Texas, Feb. 29, 2012 /PRNewswire/ -- FieldPoint Petroleum Corporation (AMEX:FPP) announced today that its Board of Directors has set a new record date for its previously announced warrant dividend to shareholders. The new record date will be at the close of business on March 23, 2012 (the "Record Date").
In a press release dated January 12, 2012, the Company announced that the prior record date was rescinded to allow for time to resolve certain regulatory issues.
The Warrant shall grant the holder the right to purchase one additional share of Common Stock for each share held on the Record Date, for a period of six years, at an exercise price of $4.00 per share. The Warrant will be distributed as soon as practicable after the Record Date. We currently expect the dividend will be paid on March 26, 2012 and that the common stock will trade ex-dividend beginning March 28, 2012. The Company will provide an update if these target dates are modified.
Following the distribution of the Warrant, the Company will file a Registration Statement on Form S-3 registering the shares of Common Stock issuable upon exercise of the Warrants (the "Registration Statement"). The Warrants will not be exercisable until the Registration Statement is declared effective by the SEC.Also, the Company is applying to have the Warrants approved to list and trade on the NYSE-AMEX exchange separately from the Common Stock. FieldPoint President and CEO Ray D. Reaves said, "I am extremely pleased that we have found a way to reward our loyal shareholders in a manner that allows them to further share in the future successes of FieldPoint without having to make a financial commitment today." More Details Regarding the Warrant: