ReconAfrica launches C$15M bought-deal offering for drilling program

Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) has announced a C$15 million bought-deal public offering, with Research Capital Corporation acting as sole bookrunner and lead underwriter on behalf of a syndicate of underwriters.

The offering consists of 20,548,000 units priced at C$0.73 per unit. Each unit includes one common share and one-half of one common share purchase warrant. Each whole warrant carries an exercise price of C$0.93 and is exercisable for 36 months from closing. The company said it will seek to list the warrants on the TSX Venture Exchange.

Underwriters have been granted an over-allotment option to increase the offering size by up to 15% of the total units issued, exercisable within 30 days of closing.

Net proceeds are intended to fund an open-hole horizontal sidetrack and production testing program targeting the primary reservoir in the Huttenberg formation and the secondary reservoir in the Elandshoek formation, along with general corporate purposes and working capital.

Closing is expected on or about September 10, 2026, 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, with securities regulators across Canadian provinces except Quebec.

ReconAfrica is a Canadian oil and gas company focused on exploration in the Damara Fold Belt and Kavango Rift Basin in northeastern Namibia, southeastern Angola, and northwestern Botswana, holding approximately 13 million contiguous acres. The company also operates the Ngulu block offshore Gabon.

The securities offered have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption.

You May Also Be Interested In

• Pizza Hut CEO Aaron Powell resigns
• Google's AI Research Unit Is Set To Release Gemini 3.8 Flash As Soon As Wednesday - WSJ
• Canadian Gold Resources plans $100,000 private placement with directors