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Africa Energy Closes Previously Announced USD 25 Million Private Placement
Africa Energy Closes Previously Announced USD 25 Million Private Placement Canada ...
About this update from Africa Energy Corp.
[{"type":"text","content":"\n\n\n\nAfrica Energy Closes Previously Announced 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 5, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, Feb. 5, 2020 /CNW/ - Africa Energy Corp. (TSX Venture: AFE) (Nasdaq First North: AEC) (\"Africa Energy\" or the \"Company\"), an oil and gas company with exploration assets offshore South Africa and Namibia, announces the successful closing of the equity issue (the \"Private Placement\") of common shares in the Company (the \"Common Shares\") previously announced on January 27, 2020. The TSX Venture Exchange (\"TSXV\") conditionally approved the Private Placement on January 30, 2020. View PDF version.\nThe Private Placement rendered 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 (approximately CAD 0.32) per share. Following the Private Placement, the Company has 789,304,935 Common Shares outstanding.\nPayment for the Common Shares was 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. \nCommon Shares issued to Canadian residents will be subject to resale restrictions under Canadian securities laws expiring June 6, 2020. Common Shares issued to residents outside of Canada pursuant to the Private Placement may not be sold, transferred or otherwise disposed of on the TSXV or, except pursuant to an exemption from prospectus requirements under Canadian securities laws, to any person in Canada or otherwise into Canada until June 6, 2020.\nPareto Securities (\"Pareto\") acted as sole bookrunner and SpareBank1 Markets as co-manager for the Private Placement (the \"Managers\"). Pareto is also acting as Certified Adviser to Africa Energy on Nasdaq First North Growth Market. A brokerage fee on the Private Placement of approximately USD ...