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RECONAFRICA ANNOUNCES COMPLETION OF $7.5 MILLION OFFERING
RECONAFRICA ANNOUNCES COMPLETION OF $7.5 MILLION OFFERING Canada NewsWire /NO...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n RECONAFRICA ANNOUNCES COMPLETION OF $7.5 MILLION OFFERING\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 July 18, 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 completed its previously announced overnight marketed offering (the \"\n \n Offering\n \n \") of units (the \"\n \n Units\n \n \") of the Company for gross proceeds of\n \n $7,475,000\n \n , including the full exercise of the over-allotment option in the amount of\n \n $975,000\n \n . The Offering was completed by way of a short form prospectus filed in all of the provinces of\n \n Canada\n \n , except Québec, and the Units were sold outside of\n \n Canada\n \n on a private placement basis.\n \n \n \n \n \n \n \n \n \n Pursuant to the Offering, a total of 6,795,454 Units were sold at a price of\n \n $1.10\n \n per Unit. 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 entitles the holder to acquire one Common Share at a price of\n \n $1.35\n \n until\n \n July 18, 2025\n \n .\n \n \n The Offering was made through Canaccord Genuity Corp. and Haywood Securities Inc. (the \"\n \n Underwriters\n \n \"). The Underwriters received a cash commission equal to 6.0% of the gross proceeds of the Offering (other than from the sale of Units to purchasers on the president's list, for which a 3.0% cash commission was paid). In addition, the Underwriters were issued an aggregate of 295,227 compensation options (the \"\n \n Compensation Options\n \n \"), equal to 6.0% of the number of Units sold under the Offering (other than with ...