Africa Oil Corp. T.AOI

RE: RE: What I want to know is what idiot

[leverage1971]

We are all frustrated guys but to Aweigh's last post re the financing... if you want to see what people think of AOI, and what they have found so far, which has a 52 week low of 1.43 check out how the financing was announced (time) and how it changed both in dollar terms but also in terms of status.

At 2 am

Africa Oil Announces $193.75 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2012) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") reports that it will sell, on a non-brokered, private placement basis, an aggregate of up to 25 million common shares at a price of Cdn $7.75 per share for gross proceeds of up to Cdn $193.75 million.

 

Then later at 6 pm

Africa Oil Increases Private Placement to $232.5 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2012) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") reports that due to strong demand it has agreed to increase the previously announced private placement. The Company will now sell on a non-brokered, private placement basis, an aggregate of up to 30 million common shares of the Company at a price of Cdn $7.75 per share for gross proceeds of up to Cdn $232.5 million. All shares have now been placed. (Bold and italics mine)

They wanted it bad at the price it was originally offered at a few months ago and they took the hype associated with Twiga being another Ngamia in the target zone to their advantage.

What is unclear is did LL and company stick it to those who ran it down. We won't know it is non brokered but there are some very big names involved in this company including LL himself who took 10 percent of it. The fact that they had it fully placed in less than a day suggests a few favours might have been called in? Who knows?

Just my opinion...I am in for the long term they have too much money and too many good targets with a great operator/driller as a partner.

Lev