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ReconAfrica Announces C$10 Million Overnight Marketed Offering for the Advancement of Operational Activities on Its Ngulu Block, Offshore Gabon, and Provides a Drilling Update on the Kavango West 1X Exploration Well
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"ReconAfrica Announces C$10 Million Overnight Marketed Offering for the Advancement of Operational Activities on Its Ngulu Block, Offshore Gabon, and Provides a Drilling Update on the Kavango West 1X Exploration WellThe Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+Calgary, Alberta--(Newsfile Corp. - September 18, 2025) - Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD) (NSX: REC) (the \"Company\" or \"ReconAfrica\" or \"Recon\") announces that it has entered into an agreement with 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\"), for an overnight marketed public offering of units of the Company (the \"Units\") at a price of C$0.60‎ per Unit for aggregate gross proceeds to the Company of C$10,000,000 (the \"Offering\").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 for approximately C$3,000,000 of Units.Each Unit will be comprised of one common share of the Company (\"Common Share\") and one Common Share purchase warrant of the Company (\"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.72‎ at any time up to 24 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\"). The net proceeds from the Offering will be used for activities related to the advancement of appraisal and exploration expenses related to the Ngulu Production Sharing Contract (\"PSC\"). This will include acquiring geological and geophysical studies, reprocessing of the 3D seismic data, the advancement of the initial development well in the existing proven oil discovery at the Loba Complex and for general corporate purposes and working capital. Brian Reinsborough, President and CEO of ReconAfrica, stated: \"Our drilling operations in Namibia on the highly anticipated Kavango West 1X well are proceeding on schedule. We currently are at...