Reconnaissance Energy Africa Ltd. (TSE:RECO) has released an update.
Reconnaissance Energy Africa Ltd. has increased its bought-deal public offering to C$15 million, with the sale of units that include a common share and a purchase warrant. Each warrant allows the holder to buy an additional share at C$1.15 within 24 months, with potential for an accelerated expiry given certain conditions. The proceeds from the offering will fund the company’s exploration activities, working capital, and other corporate needs, with the closing expected around April 3, 2024.
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