Business
Africa Hydrocarbons Announces Bought Deal Financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UN...
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[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Oct. 23, 2013 /CNW/ - Africa Hydrocarbons Inc. (TSXV: NFK) (AHI or the Company) is pleased to announce that it has entered into an engagement\n agreement with Canaccord Genuity Corp. (the Underwriter) in connection with a bought deal private placement offering of\n 6,900,000 Units (the Units) of the Company, at a price of $0.18 per Unit, for aggregate gross\n proceeds of $1,242,000 (the Bought Deal Offering). In addition, the Company has granted the Underwriter the option (the Underwriter's Option) to sell up to an additional 5,600,000 Units on a commercially\n reasonable efforts basis on the same terms as the Bought Deal Offering\n for additional gross proceeds of up to $1,008,000 (the Best Efforts Offering). Assuming the full exercise of the Underwriter's Option, total gross\n proceeds of both the Bought Deal Offering and the Best Efforts Offering\n will be up to $2,250,000 (the Offering). Each Unit will be comprised of one common share and one half of one\n common share purchase warrant. Each whole warrant will entitle the\n holder to acquire one common share of the Company at a price of $0.30\n per common share for a period of 12 months after the closing of the\n Offering.\n\n\nThe Company has agreed to pay the Agent a fee of 7% of the aggregate\n gross proceeds of the Offering. In addition, the Underwriter will be\n issued on the closing of the Offering broker warrants (the Broker Warrants) entitling the Underwriter to subscribe for Common Shares equal to 7%\n of the aggregate number of Units issued under the Offering at an\n exercise price of $0.30 per Common Share. The Broker Warrants will\n expire 18 months after the closing of the Offering.\n\n\nThe Offering shall be sold in Ontario, Alberta and British Columbia and\n such other jurisdictions of Canada as Canaccord Genuity and the\n Corporation may agree in accordance with applicable securities laws and\n regulations and under applicable securities exemptions from prospectus\n requirements.  The Offering will also be sold in the United States on a\n private placement basis to accredited investors pursuant to Rule 506 of\n Regulation D or Qualified Institutional Buyers pursuant to Rule 144A\n and other eligible foreign jurisdictions in accordance...