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ReconAfrica Announces Closing of C$19 Million Underwritten Offering, Including the Full Exercise of the Over-Allotment Option
**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVI...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"ReconAfrica Announces Closing of C$19 Million Underwritten Offering, Including the Full Exercise of the Over-Allotment OptionKavango West 1X (Prospect I) rig mobilization to occur in June 2025\n\n\n\n\n **NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES**\n \n\n\n CALGARY, Alberta, June 17, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “\n \n Company\n \n ” or “\n \n ReconAfrica\n \n ”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to announce that it has completed its previously announced and upsized underwritten public offering (the “\n \n Offering\n \n ”) of units of the Company (the “\n \n Units\n \n ”) at a price of C$0.50 per Unit, including the full exercise of the over-allotment option, for aggregate gross proceeds of approximately C$19 million.\n \n\n The Offering was 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 “\n \n Underwriters\n \n ”).\n \n\n BW Energy Limited (“\n \n BW Energy\n \n ”) (OSE: BWE), directors and management of ReconAfrica and certain other investors, participated in the Offering for approximately C$4.7 million. The Units purchased by BW Energy are subject to a six-month lock-up agreement.\n \n\n Each Unit is comprised of one common share of the Company (“\n \n Common Share\n \n ”) and one Common Share purchase warrant of the Company (“\n \n Warrant\n \n ”). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$0.60‎ until June 17, 2027. The Warrants will commence trading on the TSX Venture Exchange (“\n \n TSXV\n \n ”) under the symbol \"RECO.WT.A\" on or about June 24, 2025, subject to final TSXV acceptance.\n \n\n The net proceeds from the Offering will be used for exploration activities, working capital and general corporate purposes. The primary exploration activity to be funded with net proceeds from the Offering will be the drilling of Prospect I, which has been named the Kavango West 1X well. Work on the access road and drill site is currently being completed while the Company a...