Non-brokered deal offers 52,623,377 common shares at C$2.31 per share
By Devika Patel
Knoxville, Tenn., May 1 – Africa Oil Corp. said it plans a C$121.56 million non-brokered private placement of common stock with Stampede Natural Resources Sarl.
The company will sell 52,623,377 shares at C$2.31 apiece, which is an 11.49% discount to the April 30 closing share price of C$2.61.
Proceeds will be used for appraisal and development work in East Africa.
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$121.56 million
|
| Shares: | 52,623,377
|
| Price: | C$2.31
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Stampede Natural Resources Sarl
|
| Pricing date: | May 1
|
| Settlement date: | May 1
|
| Stock symbol: | TSX Venture: AOI
|
| Stock price: | C$2.61 at close April 30
|
| Market capitalization: | C$972.55 million
|
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