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RECONAFRICA ANNOUNCES OVERNIGHT MARKETED OFFERING OF APPROXIMATELY $5 MILLION
RECONAFRICA ANNOUNCES OVERNIGHT MARKETED OFFERING OF APPROXIMATELY $5 MILLION Canada Ne...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n RECONAFRICA ANNOUNCES OVERNIGHT MARKETED OFFERING OF APPROXIMATELY $5 MILLION\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 \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 June 26, 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 filed a preliminary short form prospectus in connection with an overnight marketed offering (the \"\n \n Offering\n \n \") of units (the \"\n \n Units\n \n \") of the Company, at a price per Unit to be determined in the context of the market (the \"\n \n Offering Price\n \n \"). The Offering is being conducted through a syndicate of underwriters comprised of Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the \"\n \n Underwriters\n \n \").\n \n \n Each Unit is expected to consist of one common share 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 be exercisable to acquire one Common Share at a price to be determined in the context of the market with an anticipated term of 24 months from the closing of the Offering.\n \n \n The size and pricing of the Offering will be determined in the context of the market at the time of entering into a definitive underwriting agreement between the Company and the Underwriters. The Company will grant the Underwriters an over-allotment option exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Units sold pursuant to the Offering for up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.\n \n \n The net proceeds from the Offering are expected to be used for site preparation of a future drilling...