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RECONAFRICA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT WITH OFFICERS AND DIRECTORS AND STOCK OPTION GRANT
RECONAFRICA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT WITH OFFICERS AND DIRECTORS AND STOCK OPTION...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n RECONAFRICA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT WITH OFFICERS AND DIRECTORS AND STOCK OPTION GRANT\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 Aug. 3, 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 intends to complete a non-brokered private placement with officers and directors 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 $1,200,000\n \n (the \"\n \n Offering\n \n \"), of which approximately\n \n $1,000,000\n \n is being subscribed for by the Company's new Chief Executive Officer. Each Unit will consist 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 1.37\n \n for a period of 24 months from the closing of the Offering.\n \n \n \n \n \n \n \n \n \n The proceeds from the Offering are expected to be used for general corporate and working capital purposes.\n \n \n Closing of the Offering is expected to occur on or before\n \n August 31, 2023\n \n , and is subject to the receipt of all regulatory approvals including the acceptance of the TSX Venture Exchange. The securities issued in connection with the Offering will be subject to a hold period of four months and one day from the closing of the Offering in accordance with applicable Canadian securities legislation.\n \n \n In addition, the Company announces that it has granted incentive stock options (the \"\n \n Options\n \n \") to certain directors, officers, employees, and consultants of the Com...