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ReconAfrica Announces C$20 Million Overnight Marketed Offering to Advance Multi-Zone Production Testing at Kavango West 1X, Accelerate Follow-on Appraisal Drilling on Kavango Discovery and Advance Activities at Ngulu Block in Gabon
Calgary, Alberta--(Newsfile Corp. - January 6, 2026) - Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD) (NSX: REC) (the "Company" or "ReconAfrica" or "Recon") announces an overnight marketed, listed issuer financing exemption private placement offering (the "Offering") of units of the Company (each, a "Unit") at a price of C$0.95 per Unit for aggregate gross proceeds of C$20,000,000. The Offering is led by Research Capital Corporation as the lead underwriter and sole...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"Calgary, Alberta--(Newsfile Corp. - January 6, 2026) - Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD) (NSX: REC) (the "Company" or "ReconAfrica" or "Recon") announces an overnight marketed, listed issuer financing exemption private placement offering (the "Offering") of units of the Company (each, a "Unit") at a price of C$0.95 per Unit for aggregate gross proceeds of C$20,000,000. The Offering is led by Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the "Underwriters").","length":717,"tagName":"p"},{"type":"text","content":"In connection with the Offering, it is expected that certain members of management and directors of the Company and other president's list investors will be investing in the Offering.","length":187,"tagName":"p"},{"type":"text","content":"Each Unit will be comprised of one common share of the Company ("Common Share") and one- half of one Common Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the holder to purchase one Common Share at an exercise price of C$1.20 at any time up to 36 months from closing of the Offering. In addition, the Company will use commercially reasonable efforts to obtain the necessary approvals to list the Warrants on the TSX Venture Exchange (the "Exchange").","length":510,"tagName":"p"},{"type":"text","content":"For the purposes of accelerating value capture, ReconAfrica plans to expedite activity across its portfolio, which is supported by the recent success at the Kavango West 1X well and the addition of the Ngulu Block offshore Gabon, which includes the Loba discovery, to the Company's portfolio. This Offering sets out to fund that multi-pronged 2026 capital program. Net proceeds will be used for the following activities:","length":424,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Conducting an extensive production test and installing production casing at the Kavango West 1X discovery well;","length":111,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Advancing pre-drill operations to a drill ready status at the Kavango appraisal well;"...