Business
ReconAfrica Announces Public Offering For Gross Proceeds of Up to C$10 Million
ReconAfrica Announces Public Offering For Gross Proceeds of Up to C$10 Million Can...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Announces Public Offering For Gross Proceeds of Up to C$10 Million\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\nCanada NewsWire\nVANCOUVER, BC, Aug. 4, 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. 4, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSX-V: RECO) (OTC: RECAF) (Frankfurt: 0XD) is pleased to announce that it has entered into a letter agreement (the \"Agreement\") with Haywood Securities Inc. (\"Haywood\") as agent (the \"Agent\") and has obtained a receipt for a preliminary short form prospectus (the \"Preliminary Prospectus\") with the securities regulators in each of the Provinces of Canada, other than the Province of Québec, pursuant to which the Company proposes to complete a public offering (the \"Offering\") of units (the \"Units\") for gross proceeds of a minimum of C$6,000,000 and a maximum of C$10,000,000. Closing of the Offering 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 ...