On July 18, 2023, Reconnaissance Energy Africa Ltd. completed a public offering of 6,795,454 units at a price of $1.10 per unit for total gross proceeds of approximately $7.5 million, which included the exercise in full of the underwriters’ 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 $1.35 until July 18, 2025.
The offering was completed through a syndicate of underwriters that included Canaccord Genuity Corp. and Haywood Securities Inc.
Cassels acted for ReconAfrica.