Nov 21 (Reuters) - Zargon Oil & Gas Ltd ZAR.TO :
* ZARGON ANNOUNCES A PROPOSED TRANSACTION TO RESTRUCTURE ITS CONVERTIBLE DEBENTURES
* ZARGON OIL & GAS - PROPOSED TRANSACTION TO SETTLE $41.94 MILLION AMOUNT OF OUTSTANDING 8.00% CONVERTIBLE SUBORDINATED DEBENTURES DUE DEC 31, 2019
* ZARGON - AS PER DEAL, CO TO ISSUE ABOUT 428.8 MILLION COMMON SHARES REPRESENTING ABOUT 93.28% OF PRO FORMA COMMON SHARES OUTSTANDING
* ZARGON - TRANSACTION POSITIONS CO TO CONTINUE WITH A STRATEGIC ALTERNATIVES INITIATIVE THAT MAY INCLUDE A CORPORATE MERGER, SALE OR REORGANIZATION
* ZARGON OIL & GAS LTD - PRO FORMA DEBENTURE INTEREST BURDEN REDUCED BY ABOUT $4.20 MILLION FOR 15 MONTH PERIOD ENDING DECEMBER 31, 2019 FROM TRANSACTION
* ZARGON OIL & GAS LTD - EXPECTS TO HOLD MEETING OF DEBENTUREHOLDERS TO CONSIDER TRANSACTION IN JAN 2019