Deep Kavango basin is all but an empty shell. VANCOUVER, BC, May 27, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to announce that it has completed its previously announced bought deal offering (the "Offering") of units (the "Units") for gross proceeds of C$41,401,380, including the full exercise of the over-allotment option in the amount of C$5,400,180. The Offering was completed by way of a short form prospectus filed in all of the provinces of Canada, except Qubec, and the Units were sold elsewhere outside of Canada on a private placement basis.
Pursuant to the Offering, a total of 4,358,040 Units were sold at a price of C$9.50 per Unit. Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of C$14.00 until May 27, 2024. In the event that the moving volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "Exchange") over any period of 20 consecutive trading days equals or exceeds C$20.00, the Company may, upon written notice to the holders of the Warrants, accelerate the expiry date of the Warrants to the date that is 30 calendar days following the date of such notice.