Scandoil  

Africa Oil enters into agreement for US$100 million financing


Published May 5, 2015
Africa Oil Corp.

Africa Oil Corp. has entered into an investment agreement with Stampede Natural Resources S.a.r.l. (Stampede), an entity owned by a fund advised by Helios Investment Partners LLP (Helios), to sell, on a non-brokered private placement basis, 52,623,377 of its common shares at a price of CAD $2.31 for gross proceeds of CAD $121,560,000 (US $100 million(1)). Upon completing, Stampede would own approximately 12.37% of the issued and outstanding common shares of the Company.

Helios is an Africa-focused investment firm. The Company has agreed that its participation will entitle Stampede to nominate one non-executive director to the board of Africa Oil. In addition, the Company has granted certain rights to Stampede including the right to participate for its pro-rata share in future financings.

Net proceeds of the private placement will be used towards the Company's ongoing appraisal and development work program in East Africa.

Tags: Africa Oil Corp.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml