Africa Hydrocarbons Announces Acceptance Of Subscription Agreements For Approximately $2.96 Million Worth Of Subscription Agreements In Connection With Private Placement

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[{"type":"text","content":"Africa Hydrocarbons Announces Acceptance Of Subscription Agreements For Approximately $2.96 Million Worth Of Subscription Agreements In Connection With Private Placement(via TheNewswire)\n\n \nCalgary, Alberta / TheNewswire / January 17, 2018 - Africa Hydrocarbons Inc. (NFK.H: NEX | KNPRF: PNK | KRL1: STU) (the \"Company\") is pleased to announced that is has accepted subscription agreements for $2,958,189 worth of subscription receipts of the Company (\"Subscription Receipts\") in connection with its previously announced non-brokered private placement of Subscription Receipts (the \"Private Placement\"). Each Subscription Receipt is being issued at a price of CAD$1.25 and the subscription agreements accepted by the Company represent 2,366,551 Subscription Receipts.\n\n \n \nThe Private Placement is being completed in conjunction with the previously announced proposed \"Change of Business\" (\"COB Transaction\") pursuant to the policies of the TSX Venture Exchange (the \"Exchange\"), with the result that the Company will become a blockchain technology company, listed on the Exchange.\n\n \n \nDue to strong demand, the Company proposes to increase the maximum amount to be raised under the Private Placement and will continue to accept subscription agreements and subscription funds for Subscription Receipts in connection with this Private Placement until January 19, 2018, unless the Company decides to extend the Private Placement. \n\n \n \nEach Subscription Receipt entitles the holder to receive, without further consideration or action, one (1) common share of the Company (\"Common Share\") and one-half of one (1/2) Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"), upon satisfaction of certain release conditions, including the satisfaction of applicable conditions precedent of the COB Transaction. The gross proceeds from the sale of the Subscription Receipts are being held in escrow pending the completion of the COB Transaction, unless the Exchange grants a waiver for earlier release of such escrow. If the COB Transaction is not completed, holders of the Subscription Receipts will be entitled to receive the full purchase price of their Subscription Receipts, together with their pro rata share of interest earned thereon.\n\n \n \nEach Warrant will entitle the holder to purchase one (1) Common ...

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