CAD $14m subscription by Africa Oil Corp Strategic Alliance Agreement on Current and New Ventures
Toronto, Ontario (FSCwire) - Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO; TSX-V: EOG), is pleased to announce that the Company has entered into an agreement with Africa Oil Corp ("AOC") whereby AOC has subscribed for shares in the Company as well as entered into a Strategic Alliance Agreement to identify new projects to add to the Company's portfolio (the "Subscription Agreement").
Highlights:
- The Company is raising approximately CAD $14 million (£8.46 million) by way of a subscription
- The price of the Subscription Shares represents a premium of approximately 28% per cent to the closing mid-market price of 0.375c (TSX-V) / 22.25GBp (AIM) on 10 November 2017
- AOC will hold an interest in Eco of approximately 19.77% per cent. on Admission
- Funds raised will be used to actively identify, negotiate and contract new oil and gas exploration assets and conduct the initial work programmes
- Keith Hill, president and CEO of AOC, expected to be appointed to the Board of Eco as a non-executive director
- Derek Linfield, a non-executive director of Eco, will step down from the Board of Eco in order to make room for Keith Hill. Mr. Linfield will continue to serve as a consultant to the Company
- Strategic Alliance Agreement entered into with AOC to bid jointly on any new assets or ventures proposed to be acquired by Eco
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To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ecoatlantic11132017.pdf
Source: Eco Oil and Gas Ltd. (TSX Venture:EOG, LSE:ECO)
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