RECAF - ReconAfrica prices $5M overnight marketed offering

2023-06-27 09:39:54 ET

• Reconnaissance Energy Africa ( OTCQX:RECAF ) has announced overnight marketed offering, by entering into an underwriting agreement with Canaccord Genuity and Haywood Securities to sell 4.54M units at a price of $1.10/Unit for aggregate gross proceeds of $5M .
• Each Unit will consist of one common share and one common share purchase warrant of the Company.
• Each Warrant will be exercisable to acquire one Common Share at a price of $1.35 for a period of 24 months from the closing of the Offering.
• The net proceeds are expected to be used for site preparation of a future drilling location, wellsite and rig maintenance, in addition to other geologic and subsurface projects, geophysical processing and working capital.
• The Offering is expected to close on or about July 11, 2023.

For further details see: