Non-brokered deal sells 30 million common shares at C$7.75 per share
By Devika Patel
Knoxville, Tenn., Dec. 14 - Africa Oil Corp. said it raised C$16.41 million in the second and final 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 to C$232.5 million a few hours later due to strong demand. The offering raised C$216.09 million on Dec. 10.
The company sold 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 and 2,118,009 shares in the second.
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 dates: | Dec. 10 (for C$216,085,430), Dec. 14 (for C$16,414,570)
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$7.75 at close Nov. 27
|
| Market capitalization: | C$1.44 billion
|
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