Business
Africa Energy Closes Books in USD 45 million Private Placement
Africa Energy Closes Books in USD 45 million Private Placement Canada NewsWire V...
About this update from Africa Energy Corp.
[{"type":"text","content":"\n\n\n\nAfrica Energy Closes Books in USD 45 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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, April 25, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, April 25, 2018 /CNW/ - Africa Energy Corp. (TSX VENTURE: AFE) (\"Africa Energy\" or the \"Company\"), an oil and gas exploration company with assets in South Africa and Namibia, announces that it has successfully completed the book-building for the equity issue, on a private placement basis, of common shares in the Company (the \"Common Shares\") announced on April 24, 2018 (the \"Private Placement\").\n\nAfrica Energy previously announced the intention to raise gross proceeds of USD 40 million. The Private Placement generated strong interest from international investors, and the Company has therefore decided to increase the size of the Private Placement to approximately USD 45 million.\n\nThe price of the shares in the Private Placement was determined in a book‐building process to be CAD 0.16 per share, representing a two percent premium to the Company's 30‐day volume weighted average share price.  This will result in the issuance of 362,390,625 Common Shares. Following the closing of the Private Placement, the number of outstanding common shares in the Company will be 681,586,094. Closing of the Private Placement is expected to occur on or about May 4, 2018.\n\nPayment for the Common Shares will be made in cash. The expected gross proceeds from the offering will be used to finance the Company's acquisition, drilling and other joint venture costs for its projects offshore South Africa and offshore Namibia, as well as for general corporate purposes, including listing and transaction costs.\n\nAs announced on April 24, 2018, the Company has applied for a secondary listing of the Company's common shares on Nasdaq First North Stockholm. If the listing application is approved by Nasdaq, the Company's common shares are expected to trade on Nasdaq First North Stockholm under ticker ...