Eco (Atlantic) Oil and Gas Ltd. announces Africa Oil’s US$4 million investment of common shares

On April 5, 2022, Eco (Atlantic) Oil & Gas Ltd. announced that Africa Oil Corp, a substantial shareholder in the company, intends to subscribe for up to US$4 million of new common shares at an issue price of 30 pence per retail offer shares by way of a private placement (the “Subscription”).

The private placement was made concurrent with a conditional offer for subscription via PrimaryBid (the “Retail Offer”) of new common shares of nil-par value each in the company and the placing of new common shares at the issue price by way of an accelerated bookbuild process (the “Placing”, together with the Subscription and Retail Offer, the “Equity Fundraise”) to raise up to approximately US$21 million.

The company will use the net proceeds of the Equity Fundraise primarily to fund Eco's share of the drilling of the Gazania-1 well on Block 2B offshore South Africa, estimated to be approximately US$23 million, to cover Geological and Geophysical expenses across the Group's portfolio and license fees in Namibia and on Block 3B/4B in South Africa as well as for general working capital purposes.

Further information can be found on Access Wire’s website.

Eco Atlantic is a TSX-V and AIM quoted Atlantic margin focused Oil & Gas Exploration Company with offshore license interests in Guyana, Namibia, and South Africa.

Africa Oil Corp. is a Canadian oil and gas company with a diversified African portfolio.