07:17:30 EST Mon 06 Dec 2021
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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 156,808,071
Close 2021-05-28 C$ 8.49
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ReconAfrica receives conditional OK to list warrants

2021-05-31 02:32 ET - News Release

Mr. Scot Evans reports


Further to the completion of Reconnaissance Energy Africa Ltd.'s bought deal offering of units for gross proceeds of $41,401,380 announced on May 27, 2021, the TSX Venture Exchange has conditionally accepted for listing the common share purchase warrants issued in connection with the offering.

It is anticipated that the warrants will commence trading on the exchange under the symbol RECO.WT.A at the open on June 3, 2021.

Pursuant to the offering, a total of 2,179,020 warrants were issued, each warrant entitling the holder to acquire one common share in the capital of the company at a price of $14 until May 27, 2024. In the event that the moving volume-weighted average trading price of the common shares on the exchange over any period of 20 consecutive trading days equals or exceeds $20, the company may, upon written notice to the holders of the warrants, accelerate the expiry date of the warrants to the date that is 30 calendar days following the date of such notice.

ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango sedimentary basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licences comprising approximately 8.5 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbances in line with international best standards, and will implement environmental and social best practices in all of its project areas.

We seek Safe Harbor.

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