By Devika Patel
Knoxville, Tenn., April 21 - Africa Oil Corp. said it completed a C$33.95 million initial tranche of a C$35.5 million private placement. The deal priced Aug. 6 as a C$12 million stock sale and has been increased and amended to include subscription receipts.
The company plans to sell up to 37,368,421 subscription receipts at C$0.95 per receipt. It sold 35,734,228 receipts in this tranche.
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
|
| Pricing date: | Aug. 6
|
| Upsized: | Aug. 7, March 30, April 15
|
| Settlement date: | April 21 (for C$33,947,516)
|
| Agent: | Non-brokered
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$5.25 at close Aug. 5
|
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