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ReconAfrica Announces Upsize of Underwritten Offering to C$32.0 Million to Advance Multi-Zone Production Testing at Kavango West 1X, Accelerate Follow-on Appraisal Drilling on Kavango Discovery and Advance Activities at Ngulu Block in Gabon
**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVI...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"ReconAfrica Announces Upsize of Underwritten Offering to C$32.0 Million to Advance Multi-Zone Production Testing at Kavango West 1X, Accelerate Follow-on Appraisal Drilling on Kavango Discovery and Advance Activities at Ngulu Block in Gabon**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES**Calgary, Alberta--(Newsfile Corp. - January 7, 2026) - Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD) (NSX: REC) (the \"Company\" or \"ReconAfrica\" or \"Recon\") announces that, in connection with its previously announced overnight marketed, listed issuer financing exemption private placement offering of units of the Company (each, a \"Unit\"), it has increased the size of the offering due to strong investor demand, and has entered into an amended agreement with Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase 33,684,300 Units at a price of C$0.95 per Unit for aggregate gross proceeds of C$32,000,085 (the \"Offering\").In connection with the Offering, certain members of management and directors of the Company and other president's list investors will be investing in the Offering.Each Unit will be comprised of one common share of the Company (\"Common Share\") and one- half of one Common Share purchase warrant of the Company (\"Warrant\"). Each Warrant will entitle the holder to purchase one Common Share at an exercise price of C$1.20 at any time up to 36 months from closing of the Offering. In addition, the Company will use commercially reasonable efforts to obtain the necessary approvals to list the Warrants on the TSX Venture Exchange (the \"Exchange\"). For the purposes of accelerating value capture, ReconAfrica plans to expedite activity across its portfolio, which is supported by the recent success at the Kavango West 1X well and the addition of the Ngulu Block offshore Gabon, which includes the Loba discovery, to the Company's portfolio. This Offering sets out to fund that multi-pronged 2026 capital program. Net proceeds will be used for the following activities: Conducting an extensive production test and installing production c...