/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. 28, 2020 /CNW/ - Reconnaissance Energy
Africa Ltd. (the "Company" or "ReconAfrica") (TSX-V: RECO) (OTC:
LGDOF) (Frankfurt: 0XD) announces
that, due to high investor demand, it has agreed, subject to the
approval of the TSX Venture Exchange (the "Exchange"), to increase
the size of its previously announced non-brokered private placement
financing (the "Private Placement") from C$2M to C$3.4M.
The Company now proposes to issue up to 5,000,000 units (each a
"Unit") of the Company at C$0.68 per
Unit raising gross proceeds of up to C$3,400,000. 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. All other
terms with respect to the Units being offered under the Private
Placement remain unchanged; for further details, please refer to
the Company's press release dated January
22, 2020.
In connection with the Private Placement, the Company will pay a
6% finder's fee payable in cash on proceeds received from
subscribers introduced to the Company by arm's length parties.
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.