Mr. J. Jay Park reports
RECONAFRICA ANNOUNCES UPSIZING OF PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT
Due to high investor demand, Reconnaissance Energy Africa Ltd. has agreed, subject to the approval of the TSX Venture Exchange, to increase the size of its previously announced non-brokered private placement financing from $2-million to $3.4-million.
The company now proposes to issue up to five million units of the company at 68 cents per unit, raising gross proceeds of up to $3.4-million. 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. All other terms with respect to the units being offered under the private placement remain unchanged. For further details, please refer to the company's press release dated Jan. 22, 2020.
In connection with the private placement, the company will pay a 6-per-cent finder's fee payable in cash on proceeds received from subscribers introduced to the company by arm's-length parties.
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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