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Africa Energy Closes Previously Announced Private Placement
Africa Energy Closes Previously Announced Private Placement Canada NewsWire ...
About this update from Africa Energy Corp.
[{"type":"text","content":"AfricaEnergyPlacement\n \n \n \n Africa Energy Closes Previously Announced Private Placement\n \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 Canada NewsWire\n \n \n VANCOUVER, BC, Sept. 30, 2020\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Sept. 30, 2020\n \n /CNW/ -\n \n Africa Energy Corp.\n \n (TSXV: AFE) (Nasdaq First North Growth Market: AEC) (\"\n \n Africa Energy\n \n \" or the \"\n \n Company\n \n \"), an oil and gas company with exploration assets offshore\n \n South Africa\n \n and\n \n Namibia\n \n , announces the successful closing of the equity issue (the \"\n \n Private Placement\n \n \") of common shares in the Company (the \"\n \n Common Shares\n \n \") previously announced on\n \n September 21, 2020\n \n . The TSX Venture Exchange (\"\n \n TSXV\n \n \") conditionally approved the Private Placement on\n \n September 23, 2020\n \n .\n \n View PDF version\n \n \n \n The SEK denominated Private Placement rendered gross proceeds of approximately\n \n USD 28 million\n \n to the Company through the issuance of 81,667,000 Common Shares at a price of\n \n SEK 3.00\n \n (corresponding to approximately\n \n CAD 0.45\n \n ) per share. Following the Private Placement, the Company has 883,940,268 Common Shares outstanding. Payment for the Common Shares was made in cash.\n \n \n The net proceeds from the Private Placement are expected to be used to finance the increased funding obligations from the ongoing drilling program of up to three exploration wells on Block\n \n 11B\n \n /\n \n 12B\n \n offshore\n \n South Africa\n \n resulting from the pending transactions to increase the Company's effective interest in Block\n \n 11B\n \n /\n \n 12B\n \n from 4.9% to 10% announced on 24 August 2020.\n \n \n Common Shares issued to Canadian residents will be subject to resale restrictions under Canadian securities laws expiring\n \n January 31, 2021\n \n . Common Shares issued to residents outside of\n \n Canada\n \n pursuant to the Private Placem...