Petroleum Africa
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Wednesday, February 12, 2014
Oando Energy Resources (OER) reported that the TSX has accepted notice of the proposed private placement of 35,070,063 common shares of the company and 17,535,031 warrants for gross proceeds of $50,000,000. TSX also accepted the proposed acquisition of the outstanding shares of Medal Oil.
Medal Oil holds a 5% stake in OML 131. OER will pay a purchase price of $5 million which will be satisfied by the issuance of 3,491,082 common shares of the company and 1,745,541 warrants.
In addition, TSX has conditionally approved the listing of all common shares issuable (including underlying the warrants) pursuant to the Private Placement and the Medal Oil acquisition. Listing will be subject to OER fulfilling all of TSX’s listing conditions.
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