Agent Canaccord Genuity raises funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 23 - Africa Hydrocarbons Inc. said it will conduct a C$1.24 million private placement of units. Canaccord Genuity Corp., the agent, has a C$1.01 million greenshoe.
The company will sell 6.9 million units of one common share and one half-share warrant at C$0.18 per unit on a bought-deal basis. Each whole one-year warrant will be exercisable at C$0.30. The strike price reflects a 50% premium to the Oct. 22 closing share price of C$0.20.
Proceeds will be used for general corporate purposes.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Africa Hydrocarbons Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,242,000
|
| Greenshoe: | C$1,008,000
|
| Units: | 6.9 million
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
| Agent: | Canaccord Genuity Corp.
|
| Pricing date: | Oct. 23
|
| Stock symbol: | TSX Venture: NFK
|
| Stock price: | C$0.20 at close Oct. 22
|
| Market capitalization: | C$22.2 million
|
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