By Devika Patel
Knoxville, Tenn., July 9 - Africa Oil Corp. said it will take in C$25 million in a non-brokered private placement of stock. The deal priced for C$20 million on Friday but was increased a few hours later.
The company will sell 25 million common shares at C$1.00 per share.
Proceeds will be used toward the company's ongoing work program in East Africa 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: | Common stock
|
| Amount: | C$25 million
|
| Shares: | 25 million
|
| Price: | C$1.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | July 9
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$1.15 at close July 9
|
| Market capitalization: | C$80.74 million
|
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