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Eco (Atlantic) Oil and Gas Ltd. Announces Launch of Equity Fundraise of up to US$25 million
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, I...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Launch of Equity Fundraise of up to US$25 millionNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED FROM TIME TO TIME) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.Launch of Equity Fundraise of up to US$25 million through an accelerated bookbuild processTORONTO, ON / ACCESSWIRE / April 5, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) is pleased to announce its intention to raise aggregate gross proceeds of up to approximately US$25million through the issue of new Common Shares in the capital of the Company consisting of:a placing in the United Kingdom, Norway and certain other jurisdictions outside Canada, and a brokered private placement in Canada up to approximately US$21 million before expenses through the issue of new Common Shares to new and existing institutional investors (the \"Placing Shares\") at a price of £0.30 per Placing Share (or CAN$0.50 (the \"Issue Price\") (the \"Placing\")); anda proposed subscription by way of a private placement for new Common Shares (the \"Subscription Shares\") at the Issue Price by Africa Oil Corp to raise up to US$4 million (the \"Subscription\").If all of the Placing Shares, Subscription Shares and Retail Offer Shares (as hereinafter defined) are issued, they will represent approximately 28 per cent. of the existing issued share capital of the Company (on a non-diluted basis) and 22 per cent. of the Company's issued share capital as enlarged by the Equity Fundraise (as defined below) (on a non-diluted basis).In addition (and separately) to the Placing and the Subscription, non-Canadian retail investors will be given an opportunity to subscribe for new Common Shares (the \"RetailOffer Shares\") at the Issue Price (the \"Retail Offer\") on the PrimaryBid platform. A separ...