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ReconAfrica Announces Closing of C$39 Million Underwritten Public Offering, led by C$22 Million Strategic Investment from BW Energy
ReconAfrica Announces Closing of C$39 Million Underwritten Public Offering, led by C$22 Million S...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\n ReconAfrica Announces Closing of C$39 Million Underwritten Public Offering, led by C$22 Million Strategic Investment from BW Energy\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 /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n July 31, 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\n \n C$35 million\n \n underwritten public offering (the \"\n \n Offering\n \n \") of units of the Company (the \"\n \n Units\n \n \") at a price of\n \n C$1.25\n \n per Unit, and together with the partial exercise of the over-allotment option, for aggregate gross proceeds of approximately\n \n C$38.8 million\n \n . BW Energy Limited (\"\n \n BW Energy\n \n \") (OSE: BWE) participated in the Offering by way of a strategic equity investment in the Company for\n \n C$22 million\n \n (approximately\n \n US$16 million\n \n ), in connection with the strategic partnership with the Company.\n \n\n\n\n\n\n\n\n\n The Offering was completed pursuant to an underwriting agreement dated\n \n July 18, 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 Canaccord Genuity Corp. and Haywood Securities Inc. (together with the Lead Underwriter, the \"\n \n Underwriters\n \n \").\n \n\n The Company issued an aggregate of 30,944,000 Common Shares (as defined below) and 31,844,600 Warrants (as defined below) pursuant to the Offering. 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 \"). The Warrants will commence trad...