On March 1, 2022, Reconnaissance Energy Africa Ltd. (“ReconAfrica”) completed a bought deal public offering of 7,475,000 units at a price of $6.35 per unit for aggregate gross proceeds of approximately $47.5 million, which includes the exercise of the underwriter’s over-allotment option. The offering was completed by way of a short form prospectus filed in all of the provinces of Canada, except Québec, and the units were sold in the United States on a private placement basis.
Each unit consists of one common share in the capital of ReconAfrica and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $9.00 until October 31, 2022, subject to acceleration in certain events.
Cassels acted for ReconAfrica.