Africa Oil owns 51.4% of Horn sharesAfrica Oil owns 51.4% of Horn shares
Africa Oil Corp (C:AOI)
Shares Issued 168,561,609
Last Close 9/23/2011 $1.30
Friday September 23 2011 - News Release
Ms. Sophia Shane reports
AFRICA OIL CORP.: CORPORATE UPDATE
On Sept. 20, 2011, Africa Oil Corp. received 27,777,778 postconsolidation common shares of Horn Petroleum Corp. (formerly Denovo Capital Corp.) in connection with a share exchange agreement whereby Horn acquired all of the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd., formerly a wholly owned subsidiary of Africa Oil. The company also acquired 11,111,111 postconsolidation common shares of Horn upon the conversion of 11,111,111 previously issued subscription receipts. The subscription receipts were issued in a private placement at a price of 90 cents per subscription receipt. Each subscription receipt was converted into one postconsolidation common share and one postconsolidation share purchase warrant of Horn.
Africa Oil now owns and has control over a total of 38,888,889 common shares or approximately 51.4 per cent of Horn's current issued and outstanding share capital.
Africa Oil relied upon the exemption provided for in Section 2.42 of National Instrument 45-106 in connection with the issuance of 11,111,111 common shares and Section 2.13 of National Instrument 45-106 in connection with the issuance of 27,777,778 common shares.
Africa Oil acquired the securities in Horn for investment purposes only and may, in the ordinary course of its business, acquire additional securities of Horn depending on market and other conditions.
Africa Oil's certified adviser on First North is E. Ohman J:or Fondkommission AB.
© 2011 Canjex Publishing Ltd.