Non-brokered deal offers 30 million common shares at C$7.75 per share
By Devika Patel
Knoxville, Tenn., Dec. 10 - Africa Oil Corp. said it raised C$216.09 million in the initial tranche of a C$232.5 million non-brokered private placement of stock. The deal priced for C$193.75 million on Nov. 28 and was increased a few hours later due to strong demand.
The company is selling 30 million common shares at C$7.75 apiece, which is identical to the Nov. 27 closing share price. It sold 27,881,991 shares in the first tranche.
Proceeds will be used for 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 shares
|
| Amount: | C$232.5 million
|
| Shares: | 30 million
|
| Price: | C$7.75
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 28
|
| Upsized: | Nov. 28
|
| Settlement date: | Dec. 10 (for C$216,085,430)
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$7.75 at close Nov. 27
|
| Market capitalization: | C$1.68 million
|
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