By Devika Patel
Knoxville, Tenn., July 26 - Africa Oil Corp. said it raised C$3.61 million in the second and final 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 raised C$21.4 million in the first tranche on July 20.
The company sold 25 million common shares at C$1.00 per share. It sold 21,394,990 shares in the first tranche and 3,605,010 shares in the second.
Proceeds will be used towards 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
|
| Settlement date: | July 20 (for C$21,394,990), July 26 (for C$3,605,010)
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$1.15 at close July 9
|
| Market capitalization: | C$77.93 million
|
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