06:08:01 EST Mon 06 Dec 2021
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or Name

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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 156,808,071
Close 2021-06-01 C$ 8.26
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Reconnaissance Energy Africa prospectus offering

2021-06-01 19:02 ET - Prospectus Approved

Effective May 27, 2021, the company's short form prospectus dated May 19, 2021, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the British Columbia Securities Commission, pursuant to the provisions of the Securities Act (British Columbia). The receipt is also evidence that the Ontario Securities Commission has issued a receipt for the prospectus. The prospectus was filed under Multilateral Instrument 11-102, Passport System, in Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador. A receipt for the prospectus is deemed to be issued by the regulator in each of these jurisdictions, if the conditions of the instrument have been satisfied.

The TSX Venture Exchange has been advised that closing occurred on May 27, 2021, for gross proceeds, including the exercise of overallotment option, of $41,401,380.

Underwriter:  Haywood Securities Inc.

Offering:  4,358,040 units (Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share.)

Unit price:  $9.50 per unit

Warrant exercise price/term:  $14 per share for a three-year period (The warrants are subject to an accelerated expiry provision.)

Underwriter's compensation:  cash commission up to 6 per cent of gross proceeds of the offering and non-transferable warrants in an amount equal to up to 3 per cent of the number of units sold under the offering, each exercisable to purchase one unit at $9.50 for a two-year period

Overallotment option:  The underwriter has exercised its overallotment option in full, acquiring 568,440 additional units in connection with the offering for gross proceeds of $5,400,180.

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