Africa Energy Announces Contemplated Private Placement

About this update from Africa Energy Corp.

[{"type":"text","content":"\n\n\n\nAfrica Energy Announces Contemplated Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 27, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, Jan. 27, 2020 /CNW/ - Africa Energy Corp. (TSX Venture: AFE, Nasdaq First North Stockholm: AEC) (\"Africa Energy\" or the \"Company\"), an oil and gas company with exploration assets offshore South Africa and Namibia, announces that it intends to undertake an equity issue, on a private placement basis, of USD 20 million in newly issued common shares of the Company (the \"New Shares\") through an accelerated book-building process (the \"Private Placement\"). View PDF version.\nThe Company retains the right to increase the size of the Private Placement at its discretion based on demand. The Private Placement will be effected on a reasonable commercial efforts basis at a price per share to be determined through the book-building process.\nPayment for the New Shares will be made in cash. The net proceeds from the Private Placement are expected to be used to finance the drilling of up to three exploration wells on Block 11B/12B offshore South Africa and for general corporate purposes. Africa Energy holds 49% of the shares in Main Street 1549 Proprietary Limited, which has a 10% participating interest in Block 11B/12B.\nThe subscription price for the New Shares (the \"Subscription Price\") will be determined by the Company based on an accelerated book-building process. The application period for the Private Placement will commence today, Monday, January 27, 2020, at 17:30 hours CET and is expected to close tomorrow on Tuesday, January 28, 2020, at 08:00 hours CET (the \"Subscription Period\"). The Company, together with Pareto Securities (\"Pareto\"), reserves the right to close or extend the Subscription Period at any time and at their sole discretion. If the Subscription Period is extended or shortened, the other dates herein may be revised accordingly. The minimum subscription and allocation per participant in t...

More updates from Africa Energy Corp.