Africa Hydrocarbons Announces $3.58M First Tranche Closing Of Non-Brokered Private Placement Undertaken In Connection With Proposed Change Of Business Transaction

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[{"type":"text","content":"Africa Hydrocarbons Announces $3.58M First Tranche Closing Of Non-Brokered Private Placement Undertaken In Connection With Proposed Change Of Business Transaction(via TheNewswire)\n \n \nCalgary, Alberta / TheNewswire / January 19, 2018 - Africa Hydrocarbons Inc. (NFK.H: NEX | KNPRF: PNK | KRL1: STU) (the \"Company\") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the \"Private Placement\") offering of subscription receipts of the Company (\"Subscription Receipts\"). As announced by the Company on January 17, 2018, the Company had accepted subscription agreements representing 2,366,551 Subscription Receipts on such date. The Company has since received additional subscriptions and is closing this first tranche, representing an aggregate of 2,865,334 Subscription Proceeds for gross proceeds of CAD$3,581,667.50. Each Subscription Receipt has been issued at a price of CAD$1.25.\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. See the Company's press releases dated November 23, 2017 and January 5, 2018 for further information regarding the COB Transaction. \n\n \n \nDue to continued strong demand, the Company has decided to increase the maximum amount of the Private Placement to up to CAD$5,000,000 worth of Subscription Receipts and expects to close an additional tranche of the Private Placement within the next 10 to 14 days.\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 \"Release Conditions\"). The gross proceeds from the sale of the Subscription Receipts are being held in escrow pending the completion of the Release Conditions, unless the Exchange grants a waiver for earlier release of such escrow. If the Release Conditions ar...

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