By Susanna Moon
Chicago, April 15 - Africa Oil Corp. said it agreed to increase the size of its non-brokered private placement to C$35.5 million from C$30 million.
The company will now sell up to 37,368,421 subscription receipts at C$0.95 per receipt.
Proceeds will be used to finance the operations of the portfolio of East African oil exploration projects to be acquired from Lundin Petroleum as well as for general working capital purposes. If the acquisition is not completed by June 15, the subscription receipts will be redeemed at par plus accrued interest.
Africa Oil is an oil and gas exploration and development company based in Vancouver, B.C.
| Issuer: | Africa Oil Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$35.5 million
|
| Units: | 37,368,421
|
| Price: | C$0.95
|
| Warrants: | No
|
| Upsized: | April 15
|
| Agent: | Non-brokered
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$1.22 at close April 14
|
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