ReconAfrica Raises $27M to Accelerate Drilling at Kavango and Gabon
The Canadian oil exploration company closes an underwritten offering of C$36.8 million. The funds will finance production testing at the Kavango West 1X well in Namibia and exploration activities on the Ngulu block in Gabon.
| Countries | Canada, Gabon |
|---|---|
| Companies | BW Energy |
| Sector | Pétrole |
Reconnaissance Energy Africa Ltd. (ReconAfrica) announces the closing of its underwritten offering for aggregate gross proceeds of $27M (C$36.8M), including the full exercise of the over-allotment option. This financing was led by Research Capital Corporation as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters including Canaccord Genuity Corp. and Haywood Securities Inc. The company issued 38,736,945 units at a price of $0.69 (C$0.95) per unit. Each unit consists of one common share and one-half warrant entitling the holder to purchase one share at an exercise price of $0.88 (C$1.20) for 36 months.
Comments
Sign in to leave a comment.