Mr. J. Jay Park reports
RECONAFRICA ANNOUNCES C$2 MILLION NON-BROKERED PRIVATE PLACEMENT
Subject to approval from the TSX Venture Exchange, Reconnaissance Energy Africa Ltd. will undertake a non-brokered private placement of up to 2,941,176 units of the company at a price of 68 cents per unit for aggregate gross proceeds to the company of up to $2-million. Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of $1 at any time on or before five 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 the company's drilling permits in northeast Namibia and for general corporate purposes.
Reconnaissance 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-per-cent working interest in a petroleum licence, comprising approximately 6.3 million contiguous acres.
We seek Safe Harbor.
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