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ReconAfrica Announces Further Upsize to Previously Announced C$20,000,000 Public Offering to up to C$22,000,000
ReconAfrica Announces Further Upsize to Previously Announced C$20,000,000 Public Offering ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Announces Further Upsize to Previously Announced C$20,000,000 Public Offering to up to C$22,000,000\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. 7, 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. 7, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSXV: RECO) (OTC: RECAF) (Frankfurt: 0XD) is pleased to announce that it has entered into an amended letter agreement (the \"Agreement\") with Haywood Securities Inc., as agent (the \"Agent\") in connection with the further upsize of its previously announced public offering (the \"Offering\") of units (the \"Units\") for gross proceeds of up to C$20,000,000 (originally a minimum of C$6,000,000 and a maximum of C$10,000,000). The Company intends to upsize the Offering to up to C$22,000,000 to accommodate investor demand. Closing of the Offering remains on course and is expected to occur on or about August 19, 2020 (the \"Closing Date\").\n\n \n \n \n \n \n \n\n \nEach Unit will consist of one common share (a \"Common Share\") in the capital of the Company and one common share purchase warrant (a \"Warrant\") of the Company at a price of C$0.70. Each Warrant will entitle the holder to acquire one Common Share at a price of C$1.00 for a period of five years from the Closing Date. The Warrants will be 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.\nPursuant to the Agreement, the Company will grant to the Agent an option to cover over-allotments and for market stabilization purposes to sell up to an additional 15% of the number of Units issued pursuant to the Offer...