By Sheri Kasprzak
New York, June 29 - West Africa Energy Inc. concluded a C$3.5 million private placement of stock as part of its acquisition of Mali Oil Development Sarl.
The company sold 10 million shares at C$0.35 each to fund an exploration program on an oil and gas property held by Mali.
Under the terms of the acquisition, West Africa bought all of the outstanding stock of Mali.
Vancouver, B.C.-based West Africa is an oil and natural gas exploration company.
| Issuer: | West Africa Energy Inc.
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| Issue: | Stock
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| Amount: | C$3.5 million
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| Shares: | 10 million
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| Price: | C$0.35
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| Warrants: | No
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| Settlement date: | June 29
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| Stock symbol: | TSX Venture: WAE
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| Stock price: | C$0.69 at close June 29
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