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ReconAfrica Announces Completion of C$23 Million Public Offering
ReconAfrica Announces Completion of C$23 Million Public Offering Canada NewsWire ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Announces Completion of C$23 Million Public Offering\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, Aug. 20, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n VANCOUVER, BC, Aug. 20, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSX-V: RECO) (OTC: RECAF) (Frankfurt: 0XD) is pleased to announce that it has completed its previously announced public offering (the \"Offering\") of units (the \"Units\") for gross proceeds of approximately C$23 million, including the partial exercise of the over-allotment option. The Offering was completed by way of a short form prospectus filed in all of the provinces of Canada, except Québec, and the Units were sold elsewhere outside of Canada on a private placement basis.\n\n \n \n \n \n \n \n\n \nPursuant to the Offering, a total of 32,855,409 Units were sold at a price of C$0.70 per Unit. Each Unit consists of one common share (a \"Common Share\") in the capital of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one Common Share at a price of C$1.00 until August 20, 2025. The Warrants are subject to acceleration of the expiry date to a date 30 calendar days following notice to be provided to the holders of the Warrants by the Company in the event that the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the \"Exchange\") for any period of 20 consecutive trading days equals or exceeds C$3.00.\nThe Offering was made through Haywood Securities Inc. (the \"Agent\"). The Agent received a cash commission equal to 6.0% of the gross proceeds of the Offering (other than from the sale of 7,125,639 Units to purchasers on the president's list for aggregate gross proceeds of approximately C$5 million, for which a 1.5% cash commission was paid). In addition, the Agent was issued compensatio...