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Africa Oil Corp Closes First Tranche of $232.5 Million Private


Monday, 10 Dec 2012 02:00am EST 

Africa Oil Corp announced that it has closed the first tranche of its $232.5 million private placement, previously announced on November 28, 2012. The first tranche, comprising 27,881,991 common shares issued at $7.75 per common share for gross proceeds of $216,085,430, has been released to the investors. These shares are subject to a hold period expiring on April 8, 2012. The second tranche comprising the remaining common shares is expected to close early next week. A 4% finder's fee is payable on a portion 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. 

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