Agent Canaccord Genuity raises funds for general corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 7 - Africa Hydrocarbons Inc. said it completed a C$2.25 million private placement of units. Underwriter Canaccord Genuity Corp. conducted the deal, which priced for C$1.24 million with a C$1.01 million greenshoe on Oct. 23.
The company sold 12.5 million units of one common share and one half-share warrant at C$0.18 per unit on a bought-deal basis. Of the units, 5.6 million comprised the fully exercised greenshoe.
Each whole warrant is exercisable at C$0.30 until Nov. 7, 2014. 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.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$2.25 million (including C$1,008,000 greenshoe)
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Units: | 12.5 million
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Price: | C$0.18
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Nov. 7, 2014
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Warrant strike price: | C$0.30
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Underwriter: | Canaccord Genuity Corp.
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Pricing date: | Oct. 23
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Settlement date: | Nov. 7
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Stock symbol: | TSX Venture: NFK
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Stock price: | C$0.20 at close Oct. 22
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Market capitalization: | C$26.74 million
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