Toronto, Ontario--(Newsfile Corp. - May 4, 2023) - Berger Montague (Canada) P.C. announces that it has been invited to re-investigate previously published reports about Reconnaissance Energy Africa Ltd. ("ReconAfrica" or the "Company") (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD).
After the Company's November 2022, investor call about its drilling and seismic results, Haywood Securities Inc. reduced its target price from $14.00 to $8.00, highlighting that the downside to the stock could be $0.00 per share and ReconAfrica will require substantial amounts of capital and reserves to develop and move to commercialization of the Kavango Basin.
Berger Montague (Canada) is investigating whether ReconAfrica omitted to disclose material adverse facts in in ReconAfrica's final short form prospectus released on February 24, 2022, and its core documents released on SEDAR on April 28, May 30, August 29, 2022, and not publicly disclosed until November 9, 2022. ReconAfrica's March 1, 2022 offering was made through Canaccord Genuity Corp.