Africa Oil Corp acquires shares of Africa Energy Group
Canadian oil and gas company Africa Oil Corp has acquired 144,956,250 common shares of Africa Energy Corp. for CAD$0.16 per common share.
Immediately prior to the acquisition, Africa Oil held a total of 91,096,164 common shares representing approximately 28.54% of the Company’s then issued and outstanding common shares.
Following the acquisition, Africa Oil now holds a total of 236,052,414 common shares, or approximately 34.63% of the Company’s issued and outstanding share capital.
The common shares were acquired pursuant to a private placement offering on May 4, 2018 for a total consideration of CAD$23,192,960, approximately $17,999,969.
The common shares of the Company were acquired by Africa Oil for investment purposes. Africa Oil may from time to time increase or decrease its investments in the common shares of Africa Energy depending upon the business and prospects of the Company and depending on future market conditions.