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ReconAfrica Announces Upsizing of Previously Announced Non-Brokered Private Placement
ReconAfrica Announces Upsizing of Previously Announced Non-Brokered Private Placement ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n\n\n\nReconAfrica Announces Upsizing of Previously Announced Non-Brokered 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, Jan. 28, 2020\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, Jan. 28, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSX-V: RECO) (OTC: LGDOF) (Frankfurt: 0XD) announces that, due to high investor demand, it has agreed, subject to the approval of the TSX Venture Exchange (the \"Exchange\"), to increase the size of its previously announced non-brokered private placement financing (the \"Private Placement\") from C$2M to C$3.4M. \n\n \n \n\n \nThe Company now proposes to issue up to 5,000,000 units (each a \"Unit\") of the Company at C$0.68 per Unit raising gross proceeds of up to C$3,400,000. Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $1.00 at any time on or before five (5) years after the closing of the Private Placement. 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 January 22, 2020. \nIn connection with the Private Placement, the Company will pay a 6% finder's fee payable in cash on proceeds received from subscribers introduced to the Company by arm's length parties. \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 a petroleum license, comprising approximately 6.3 million contiguous acres.\nNeither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.\nCautionary Statements: Certain statements contained in this pr...