Africa Oil closes US$125 million brokered private placement

Torys acted as counsel to Dundee Securities Europe and Pareto Securities as the agents with a team that included Janan Paskaran, Mike Pedlow, Meredith St. John and Andy Beck.

On February 23, 2015, Africa Oil Corp. (Africa Oil) closed a brokered private placement in which it issued an aggregate of 57,020,270 common shares at a price of SEK 18.5 (C$2.74 equivalent) per share for gross proceeds of SEK 1,054,874,995 (US$125 million).

Dundee Securities Europe LLP and Pareto Securities acted as joint bookrunners to advise on and effect the private placement.

Net proceeds of the private placement will be used for ongoing exploration, appraisal and development activities in East Africa, as well as for corporate development and general working capital purposes.

Africa Oil is a Canadian oil and gas company with assets in Kenya and Ethiopia, as well as Puntland (Somalia) through its 45% equity interest in Horn Petroleum Corporation.

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