Petroleum Africa
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Monday, September 26, 2011
Africa Oil Corp. announced has received 27,777,778 post-consolidation common shares of Horn Petroleum Corp. (Horn) (formerly capital pool company Denovo Capital Corp.) in connection with a share exchange agreement whereby Horn acquired all of the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd., formerly a wholly owned subsidiary of Africa Oil.
Africa Oil also acquired 11,111,111 post-consolidation common shares of Horn upon the conversion of 11,111,111 previously issued Subscription Receipts. The Subscription Receipts were issued in a private placement at a price of CAD$0.90 per Subscription Receipt, each was converted into one post-consolidation common share and one post-consolidation share purchase warrant of Horn.
Africa Oil now owns and has control over a total of 38,888,889 common shares or approximately 51.4% of Horn's current issued and outstanding share capital.
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