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ReconAfrica Announces Public Offering For Gross Proceeds of Up to C$10 Million


VANCOUVER, BC, Aug. 4, 2020 /CNW/ – Reconnaissance Energy Africa Ltd. (the Company” or ReconAfrica“) (TSX-V: RECO) (OTC: RECAF) (Frankfurt: 0XD) is pleased to announce that it has entered into a letter agreement (the “Agreement“) with Haywood Securities Inc. (“Haywood“) as agent (the “Agent“) and has obtained a receipt for a preliminary short form prospectus (the “Preliminary Prospectus“) with the securities regulators in each of the Provinces of Canada, other than the Province of Québec, pursuant to which the Company proposes to complete a public offering (the “Offering“) of units (the “Units“) for gross proceeds of a minimum of C$6,000,000 and a maximum of C$10,000,000. Closing of the Offering is expected to occur on or about August 19, 2020 (the “Closing Date“).

Reconnaissance Energy Africa Ltd. logo (CNW Group/Reconnaissance Energy Africa Ltd.) (CNW Group/Reconnaissance Energy Africa Ltd.)

C$0.70. Each Warrant will entitle the holder to acquire one Common Share at a price of C$1.00 for a period of five years from the Closing Date. The Warrants will be subject to acceleration of the expiry date to a date 30 calendar days following notice to be provided to the holders of the Warrants by the Company in the event that the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “Exchange“) for any period of 20 consecutive trading days equals or exceeds C$3.00.

Pursuant to the Agreement, the Company will grant to the Agent an option to cover over-allotments and for market stabilization purposes to sell up to an additional 15% of the maximum number of Units issued pursuant to the Offering on the same terms and conditions as the Offering, exercisable in whole or in part, for a period of 30 days from and including the Closing Date.

Namibia and to commence the three-well exploration program in the Kavango Basin along with working capital.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange and applicable securities regulatory authorities.

The Company has applied to list the Common Shares, the Warrant Shares and the Warrants issuable in connection with the Offering on the Exchange. Listing will be subject to the Company fulfilling all of the listing requirements of the Exchange, including adequate distribution of the Warrants.

www.sedar.com.” data-reactid=”35″>A copy of the Preliminary Prospectus is available on the Company’s profile at www.sedar.com.

the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Namibia and northwestern Botswana, where the Company holds petroleum licences comprising approximately 8.75 million contiguous acres.

SOURCE Reconnaissance Energy Africa Ltd.

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