By Devika Patel
Knoxville, Tenn., July 20 - Africa Oil Corp. said it raised C$21.4 million in the first tranche of a C$25 million non-brokered private placement of stock. The deal priced for C$20 million on July 9 but was increased a few hours later.
The company is selling 25 million common shares at C$1.00 per share. It sold 21,394,990 shares in the first tranche.
Proceeds will be used toward the company's ongoing work program in East Africa as well as for general working capital.
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
|
| Settlement date: | July 20 (for C$21,394,990)
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$1.15 at close July 9
|
| Market capitalization: | C$74.42 million
|
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