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ReconAfrica Announces Closing of C$17.25 Million Bought Deal Public Offering, Including the Full Exercise of the Over-Allotment Option
ReconAfrica Announces Closing of C$17.25 Million Bought Deal Public Offering, Including the Full ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n ReconAfrica Announces Closing of C$17.25 Million Bought Deal Public Offering, Including the Full Exercise of the Over-Allotment Option\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n April 3, 2024\n \n \n /CNW/ - Reconnaissance Energy Africa Ltd. (the \"\n \n Company\n \n \" or \"\n \n ReconAfrica\n \n \") (TSXV: RECO) (OTCQX: RECAF) (\n \n Frankfurt\n \n : 0XD) is pleased to announce that it has completed its previously announced bought deal public offering (the \"\n \n Offering\n \n \") of units (the \"\n \n Units\n \n \") of the Company for aggregate gross proceeds of\n \n C$17,250,035\n \n , including the full exercise of the over-allotment option. Pursuant to the Offering, a total of 19,166,705 Units were sold at a price of\n \n C$0.90\n \n per Unit. Each Unit consists of one common share in the capital of the Company (each, a \"\n \n Common Share\n \n \") and one common share purchase warrant of the Company (each, a \"\n \n Warrant\n \n \").\n \n \n The Offering was completed pursuant to an underwriting agreement dated\n \n March 25, 2024\n \n entered into between the Company and a syndicate of underwriters led by Research Capital Corporation as the lead underwriter and sole bookrunner (the \"\n \n Lead Underwriter\n \n \"), on behalf of a syndicate of underwriters, including Haywood Securities Inc. and Canaccord Genuity Corp. (together with the Lead Underwriter, the \"\n \n Underwriters\n \n \").\n \n \n Each Warrant entitles the holder to acquire one Common Share at a price of\n \n C$1.15\n \n until\n \n April 3, 2026\n \n . In the event that, at any time four months and one day after the date of issuance and prior to the expiry date of the Warrants, the moving volume weighted average trading price of the Common Shares on the TSX Venture Exchange (\"\n \n TSXV\n \n \"), or other principal exchange on whic...