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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 72,138,145
Close 2020-08-20 C$ 0.62
Recent Sedar Documents

Reconnaissance prospectus offering, warrant listing

2020-08-20 16:38 ET - Prospectus Approved

Effective Aug. 20, 2020, the company's prospectus, dated Aug. 12, 2020, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the British Columbia, Ontario, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador securities commissions, pursuant to the provisions of the British Columbia, Ontario, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador securities acts.

The TSX Venture Exchange has been advised that the closing occurred on Aug. 19, 2020, for gross proceeds of $22,998,786.30 (including the partial overallotment option).

Agent:  Haywood Securities Inc.

Offering:  32,855,409 units (Each unit consists of one common share of the corporation and one common share purchase warrant of the corporation. Each warrant will entitle the holder to purchase one common share of the corporation at a price of $1 at any time prior to 4:30 p.m. Toronto time on the date that is five years after the closing of the offering.)

Unit price:  70 cents per unit

Warrant exercise price/term:  $1 per share to 4:30 p.m. Toronto time on the date that is five years after the closing of the offering (If the daily volume weighted average trading price of the common shares of the company on the TSX Venture Exchange for any 20 consecutive days equals or exceeds $3, the company may, upon providing, within 10 days, written notice to the holders of the warrants, accelerate the expiry date of the warrants to the date that is 30 days following the date of such written notice.)

Agent's warrants:  1,543,789 non-transferable compensation options, each exercisable to purchase one unit at 70 cents per unit for a period of five years following closing of the offering (Each unit consists of one unit share and one warrant. The agent was also paid a cash commission in aggregate amount of $1,155,469.55 from gross proceeds of the offering.)

Effective at the opening on Aug. 24, 2020, the warrants of the company will commence trading on the TSX Venture Exchange. The company is classified as an oil and gas company.

Corporate jurisdiction:  British Columbia

Capitalization:  34,399,195 warrants, authorized by a warrant indenture dated Aug. 20, 2020, of which 32,855,409 warrants are issued and outstanding

Transfer agent:  Computershare Trust Company of Canada

Trading symbol:  RECO.WT

Cusip No.:  75624R116

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