Reconnaissance Energy Africa Ltd. has completed a bought-deal financing, raising gross proceeds of C$15 million through the issuance of 20.55 million units priced at C$0.73 each.
Each unit comprises one common share and one-half of a common share purchase warrant. Holders of the full warrants may acquire additional shares at C$0.93 per share for up to 36 months following the transaction's closing. The underwriting syndicate, led by Research Capital Corporation, retained an over-allotment option to increase the offering size by up to 15% within 30 days of closing.
Net proceeds will be allocated to an open-hole horizontal sidetrack and production testing program targeting the Huttenberg and Elandshoek formations, alongside general corporate and working capital needs. The financing is expected to close on or about September 10, subject to regulatory approvals, including acceptance by the TSX Venture Exchange.
The company plans to file a prospectus supplement to its short form base shelf prospectus dated April 13, 2026, in connection with the offering. Reconnaissance Energy Africa operates oil and gas exploration licenses spanning approximately 13 million contiguous acres across the Damara Fold Belt and Kavango Rift Basin in Namibia, Angola, and Botswana, as well as the Ngulu block offshore Gabon.
