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ReconAfrica Announces C$2 Million Non-Brokered Private Placement

2020-01-22 00:01 ET - News Release

ReconAfrica Announces C$2 Million Non-Brokered Private Placement

Canada NewsWire

/NOT FOR DISSEMINATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATES OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA./

VANCOUVER, Jan. 22, 2020 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSX-V: RECO) (OTC: LGDOF) (Frankfurt: 0XD) is pleased to announce that, subject to approval from the TSX Venture Exchange, it will undertake a non-brokered private placement of up to 2,941,176 units (each, a "Unit") of the Company at a price of $0.68 per Unit for aggregate gross proceeds to the Company of up to $2,000,000. Each Unit comprises one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $1.00 at any time on or before five (5) years after the closing of the private placement.

The proceeds of this private placement will be used to finalize the purchase of a drilling rig to be mobilized from the Port of Houston to our drilling permits in north east Namibia and for general corporate purposes.

ReconAfrica is a junior oil and gas company engaged in the development of the newly discovered Kavango Sedimentary Basin, in northeast Namibia, where the Company holds a 90% working interest in a petroleum license, comprising approximately 6.3 million contiguous acres.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

SOURCE Reconnaissance Energy Africa Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2020/22/c5158.html

Contact:

J. Jay Park, CEO | Tel: +44 7748 354 555

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