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ReconAfrica Announces C$2 Million Non-Brokered Private Placement
ReconAfrica Announces C$2 Million Non-Brokered Private Placement Canada NewsWire ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Announces C$2 Million Non-Brokered Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 22, 2020\n\n\n\n/NOT FOR DISSEMINATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATES OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA./\n VANCOUVER, Jan. 22, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSX-V: RECO) (OTC: LGDOF) (Frankfurt: 0XD) is pleased to announce that, subject to approval from the TSX Venture Exchange, it will undertake a non-brokered private placement of up to 2,941,176 units (each, a \"Unit\") of the Company at a price of $0.68 per Unit for aggregate gross proceeds to the Company of up to $2,000,000. Each Unit comprises one common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $1.00 at any time on or before five (5) years after the closing of the private placement. \n\n \n \n\n \nThe proceeds of this private placement will be used to finalize the purchase of a drilling rig to be mobilized from the Port of Houston to our drilling permits in north east Namibia and for general corporate purposes.\nReconAfrica is a junior oil and gas company engaged in the development of the newly discovered Kavango Sedimentary Basin, in northeast Namibia, where the Company holds a 90% working interest in a petroleum license, comprising approximately 6.3 million contiguous acres.\nNeither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.\nCautionary Statements: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words \"could\", \"intend\", \...