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RECONAFRICA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT WITH INSIDERS OF THE COMPANY
RECONAFRICA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT WITH INSIDERS OF THE COMPANY ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n RECONAFRICA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT WITH INSIDERS OF THE COMPANY\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 DISSEMINATION, RELEASE OR PUBLICATION IN OR INTO\n \n THE UNITED STATES\n \n OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Sept. 5, 2023\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 closed a non-brokered private placement with Insiders of the Company of units (the \"\n \n Units\n \n \") of the Company at a price of\n \n $1.12\n \n per Unit for gross proceeds of\n \n $1,200,080\n \n (the \"\n \n Offering\n \n \"), of which a total of\n \n $1,000,000\n \n was subscribed for by the Company's new Chief Executive Officer,\n \n Brian Reinsborough\n \n . 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 \"). Each Warrant will entitle the holder to acquire one Common Share at a price of\n \n $1.40\n \n until\n \n September 1, 2025\n \n . The Warrant exercise price was amended from\n \n $1.37\n \n , as previously stated in the Company's press release dated\n \n August 3, 2023\n \n , in order to comply with the policies of the TSX Venture Exchange.\n \n \n \n \n \n \n \n \n \n Proceeds from the Offering are expected to be used for general corporate and working capital purposes.\n \n \n The securities issued in connection with the Offering will be subject to a hold period until\n \n January 2, 2024\n \n , being four months and one day from the closing of the Offering, in accordance with applicable Canadian securities legislation.\n \n \n The Offering constitutes a \"related party transaction\" within the meaning of TSXV Policy 4.1 and Section 5.9 and Multilateral Instrument 61–101 Protection ...