Africa Energy Closes Books in Upsized USD 25 Million Private Placement

About this update from Africa Energy Corp.

[{"type":"text","content":"\n\n\n\nAfrica Energy Closes Books in Upsized USD 25 Million 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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 28, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, Jan. 28, 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 has successfully completed the book-building for the previously announced equity issue (the \"Private Placement\") of common shares in the Company (the \"Common Shares\"). View PDF version.\nAfter upsizing from the original goal of USD 20 million, the Private Placement is expected to result in aggregate gross proceeds of USD 25 million to the Company through the issuance of 104,652,174 Common Shares at a price of SEK 2.30 (corresponding to CAD 0.3151) per share (the \"Subscription Price\"), in line with the closing price on Nasdaq First North Growth Market on January 27, 2020. Following the closing of the Private Placement, the number of outstanding Common Shares will be 789,304,935.\nClosing of the Private Placement is expected to occur on or about February 5, 2020, subject to satisfaction of certain customary conditions to closing, including approval of the TSX Venture Exchange.\nThe 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 g...

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