Petroleum Africa
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Friday, October 18, 2013
Africa Oil Corp. has agreed to sell, on a brokered, private placement basis, an aggregate of up to 56,505,217 common shares at a price of SEK 51.75 (Cdn $8.25 equivalent), per share for gross proceeds of up to SEK 2,924,144,980, or $450 million equivalent.
The common shares will be placed on a best efforts basis by a syndicate comprising of Citigroup Global Markets Ltd., Dundee Securities Europe LLP and Pareto Securities AS, who together will act as joint bookrunners.
Net proceeds of the private placement will be used to fund the company’s future exploration, appraisal and development program in East Africa, as well as for corporate development and general working capital purposes.
The company has received substantial support for the Offering from both existing shareholders and new institutional investors.
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