Africa Oil has agreed to increase the previously announced private placement. The Company will now sell on a non-brokered, private placement basis, an aggregate of up to 25 million common shares of the Company at a price of Cdn $1.00 per share for gross proceeds of up to Cdn $25 million.
A 5% finder's fee may be payable on a portion or all of the private placement.
Net proceeds of the private placement will be used towards the Company's ongoing work program in East Africa as well as for general working capital purposes. Shares issued pursuant to the private placement will be subject to a four month hold period.
The private placement is subject to regulatory approval.
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