Africa Oil Corp.
Private Placement Financing
We acted for Africa Oil Corp. in connection with its US$50 million private placement financing transaction with International Finance Corporation (“IFC”), a member of the World Bank Group.
Under the terms of an Equity Subscription Agreement made between Africa Oil and IFC, Africa Oil issued 31,169,048 common shares at a price of CDN$2.10 per share for gross proceeds of CDN$65,455,000 (US$50,0000,000). As a result of the financing IFC holds approximately 6.83% of Africa Oil’s issued and outstanding shares.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol “AOI”.