By Devika Patel
Knoxville, Tenn., Aug. 7 - Africa Oil Corp. said it has lifted a private placement to C$13 million from C$12 million. The deal priced Wednesday as a stock sale, but the company now intends to sell units.
Africa Oil will now sell up to 2.6 million units of one common share and a half-share warrant at C$5.00 per unit. Each whole warrant is exercisable at C$5.40 for two years.
The company had planned to sell 2.4 million common shares at C$5.00 apiece.
Proceeds will be used towards ongoing work at the company's Nogal and Dharoor oil and gas concessions in Puntland, Somalia, as well as for general working capital purposes.
Africa Oil is an oil and gas exploration and development company based in Vancouver, B.C.
| Issuer: | Africa Oil Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$13 million
|
| Units: | 2.6 million
|
| Price: | C$5.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$5.40
|
| Pricing date: | Aug. 6
|
| Upsized: | Aug. 7
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$5.25 at close Aug. 5
|
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