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ReconAfrica Announces Oversubscribed Second Tranche of Private Placement
ReconAfrica Announces Oversubscribed Second Tranche of Private Placement Canada Ne...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Announces Oversubscribed Second Tranche of Private Placement\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, Dec. 19, 2019\n\n\n\n/NOT FOR DISSEMINATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATES OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA./\n VANCOUVER, Dec. 19, 2019 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSX-V: RECO) is pleased to announce that, due to higher than anticipated investor demand, it has agreed, subject to the approval of the TSX Venture Exchange (the \"Exchange\"), to increase the size of the second tranche (the \"Second Tranche\") of its previously announced non-brokered private placement financing (the \"Private Placement\"). The Company now intends to issue up to 2,002,646 units (each a \"Unit\") of the Company at $0.34 per Unit raising gross proceeds of up to $680,899.64. All other terms with respect to the Units being offered under the Private Placement remain unchanged; for further details, please refer to the Company's press release dated November 14, 2019.\n\n \n \n\n \nThe Private Placement was originally to comprise an offering of up to 4,411,765 Units for gross proceeds of up to $1,500,000. On December 6, 2019, the Company closed a first tranche of the Private Placement, issuing 2,600,000 Units for gross proceeds of $884,000. Upon the completion of the Second Tranche the Company expects to have raised, in aggregate, gross proceeds of up to $1,564,899.64 pursuant to the Private Placement.\nThe Company anticipates closing the Second Tranche on or before December 20, 2019, subject to Exchange approval.\nReconAfrica is a junior oil and gas company engaged in the development of the newly discovered Kavango Sedimentary Basin, in northeast Namibia, where the Company holds a 90% working interest in petroleum licenses, comprising approximately 6.3 million contiguous acres. \nNeither the TSXV nor its Regulation Services Provid...