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ReconAfrica Announces Closing of C$20.4 Million Underwritten Offering
CALGARY, Alberta, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the  ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"ReconAfrica Announces Closing of C$20.4 Million Underwritten Offering\n\n\n\n CALGARY, Alberta, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (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 “Offering”) of units of the Company (the “Units”) at a price of C$0.60 per Unit, including the exercise of the over-allotment option, for aggregate gross proceeds of C$20,373,740.\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 “Underwriters”).\n \n\n Each Unit is comprised of one common share of the Company (“Common Share”) and one Common Share purchase warrant of the Company (“Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$0.72‎ until September 29, 2027. The Warrants will commence trading on the TSX Venture Exchange (“TSXV”) under the symbol \"RECO.WT.B\" on or about October 3, 2025, subject to final TSXV acceptance.\n \n\n The net proceeds from the Offering will be used for activities related to the advancement of appraisal and exploration expenses in respect of the Ngulu production sharing contract offshore Gabon, road, rig and site maintenance costs in Namibia, phase 1 commitments in Angola and general working capital. In Gabon, this will include acquiring geological and geophysical studies and reprocessing of the 3D seismic data.\n \n\n\n Brian Reinsborough, President and CEO of ReconAfrica, stated:\n \n \"We are pleased to announce the successful closing of this offering and would like to thank our existing shareholders for their continued support, while also welcoming our new shareholders to the Company. This financing strengthens our ability to advance our high-impact drilling program focused on the highly anticipated Kavango West 1X well in Namibia and execute on our new business plan on the Ngulu block, offshore Gabon.”\n \n\n\n Additional Details on the Offering\n \n\n\n The Offering was complet...