The ACE is backI busta neck, put the face on the lappy. You want to be the King but the ACE is backy....
"ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to announce it has entered into a Letter of Intent with its partner, the National Petroleum Company of Namibia ("NAMCOR") to acquire half of NAMCOR's 10% carried participating interest in the approximate 6.3 million acres petroleum exploration licence (PEL 73) in the Kavango basin, NE Namibia (the "Transaction"). Consideration for the 5% carried interest shall comprise (a) 5,000,000 common shares in the capital of ReconAfrica (the "Consideration Shares") having an aggregate value of C$31,750,000 with a deemed price per ReconAfrica Share of C$6.35, and (b) US$2,000,000 in cash. The Consideration Shares will be subject to a hold period of four months and one day under Canadian securities laws as well as certain restrictions on resale as agreed to with the Company.
ReconAfrica and NAMCOR shall enter into a mutually acceptable agreement and other related documents containing the terms and conditions of the Transaction, including those that are customary in international oil and gas transactions by February 17, 2022.
Closing of the Transaction is expected to occur on or about March 30, 2022, and is subject to the Company receiving all necessary regulatory approvals, including, but not limited to, the acceptance of the TSX Venture Exchange to the issuance of the Consideration Shares.