Non-brokered offering sells 115,041,666 common shares at C$0.06 apiece
By Devika Patel
Knoxville, Tenn., Dec. 31 – Africa Energy Corp. said it completed a C$6.9 million non-brokered private placement of stock. The deal priced on Dec. 16.
The company sold 115,041,666 common shares at C$0.06 per share, which is a 25% discount to the Dec. 15 closing share price of C$0.08.
Africa Oil Corp. participated.
Proceeds will be used to acquire an Afren plc subsidiary; acquire all of the shares of Thombo Petroleum Ltd. in a farm-in agreement with Crown Energy AB; and fund general corporate purposes.
The oil and gas company is based in Vancouver, B.C.
| Issuer: | Africa Energy Corp.
|
| Issue: | Common stock
|
| Amount: | C$6,902,500
|
| Shares: | 115,041,666
|
| Price: | C$0.06
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Africa Oil Corp.
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 31
|
| Stock symbol: | TSX Venture: AFE
|
| Stock price: | C$0.08 at close Dec. 15
|
| Market capitalization: | C$16.17 million
|
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