Africa Oil Corp. has closed the US$450,000,000 brokered private placement, previously announced on October 16, 2013. An aggregate of 56,505,217 common shares, issued at a price of SEK 51.75 (Cdn $8.25(1) equivalent) per share for gross proceeds of SEK 2,924,144,980, or US $450,000,000 equivalent, (the "Offering") have been released to investors.
The common shares were placed through a syndicate comprising Citigroup Global Markets Limited, Dundee Securities Europe LLP and Pareto Securities AS, who together acted as joint bookrunners (the "Joint Bookrunners"). A cash commission equal to 3% of the gross proceeds of the Offering was paid to the Joint Bookrunners.
Net proceeds of the private placement will be used to fund the Company's future exploration, appraisal and development program in East Africa, as well as for corporate development and general working capital purposes.