/NOT FOR DISSEMINATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES
OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATES OF
THE UNITED STATES OR THE
DISTRICT OF COLUMBIA./
VANCOUVER, Jan. 22, 2020 /CNW/ - Reconnaissance Energy
Africa Ltd. (the "Company" or
"ReconAfrica") (TSX-V: RECO) (OTC: LGDOF)
(Frankfurt: 0XD) is pleased to
announce that, subject to approval from the TSX Venture Exchange,
it will undertake a non-brokered private placement of up to
2,941,176 units (each, a "Unit") of the Company at a price of
$0.68 per Unit for aggregate gross
proceeds to the Company of up to $2,000,000. Each Unit comprises one common share
in the capital of the Company (each, a "Common Share") and one
Common Share purchase warrant (each, a "Warrant"). Each Warrant
will entitle the holder thereof to purchase one Common Share at an
exercise price of $1.00 at any time
on or before five (5) years after the closing of the private
placement.
The proceeds of this private placement will be used to finalize
the purchase of a drilling rig to be mobilized from the Port of
Houston to our drilling permits in
north east Namibia and for general
corporate purposes.
ReconAfrica is a junior oil and gas company engaged
in the development of the newly discovered Kavango Sedimentary
Basin, in northeast Namibia, where
the Company holds a 90% working interest in a petroleum license,
comprising approximately 6.3 million contiguous acres.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Statements: Certain statements
contained in this press release constitute forward-looking
information. These statements relate to future events or future
performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on ReconAfrica's current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to ReconAfrica. The forward-looking information contained
in this release is made as of the date hereof and ReconAfrica
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.