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Africa Energy Closes Books in Upsized Private

Source: 9/22/2020, Location: Africa

Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, announces that it has successfully completed the book-building for the previously announced equity issue (the “Private Placement”) of common shares in the Company (the “Offer Shares”).

After upsizing from the original offer size of USD 25 million, the SEK denominated Private Placement is expected to result in aggregate gross proceeds of approximately USD 28 million to the Company through the issuance of 81,667,000 Common Shares at a price of SEK 3.00 (corresponding to approximately CAD 0.45) per share (the “Subscription Price”). Following the closing of the Private Placement, the number of outstanding Common Shares will be 883,940,268.

Closing of the Private Placement is expected to occur on or about September 30, 2020, subject to satisfaction of certain customary conditions to closing, including approval from the TSX Venture Exchange.

The net proceeds from the Private Placement are expected to be used to finance the increased funding obligations from the ongoing drilling program of up to three exploration wells on Block 11B/12B offshore South Africa resulting from the pending transactions to increase the Company’s effective interest in Block 11B/12B from 4.9% to 10% announced on 24 August 2020.

Garrett Soden, President and CEO of Africa Energy, commented:
“The upsized private placement was significantly oversubscribed, demonstrating strong investor support for our drilling campaign offshore South Africa. We continue to be excited about the world- class potential of Block 11B/12B, and we look forward to drilling resultsfrom the Luiperd-1X exploration well next quarter.”

Pareto Securities acted as sole global coordinator and sole bookrunner, and Arctic Securities AS and Fearnley Securities AS acted as co-managers for the Private Placement.

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