On July 31, 2024, Reconnaissance Energy Africa Ltd. (“ReconAfrica”) completed an underwritten public offering of units at a price of $1.25 per unit for aggregate gross proceeds of approximately $38.8 million, which included the partial exercise of the underwriters’ over-allotment option. BW Energy Limited, ReconAfrica’s new joint venture partner, participated in the offering in the amount of $22 million.
The offering was conducted by a syndicate of underwriters, with Research Capital Corporation as lead underwriter and sole bookrunner, and including Canaccord Genuity Corp. and Haywood Securities Inc.
Cassels acted for ReconAfrica.