Africa Oil Corp (AOC) has acquired 144,956,250 common shares of Africa Energy Corp for US$0.12 per common share
Prior to the acquisition, Africa Oil held a total of 91,096,164 common shares representing approximately 28.54 per cent of Africa Energy’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 per cent of Africa Energy’s issued and outstanding share capital.
The common shares were acquired pursuant to a private placement offering on 4 May 2018, for a total consideration of USD$17,999,969, said AOC, the Canadian oil major with prominent oil and gas assets in Kenya and Ethiopia.
The common shares of Africa Energy Corp. were acquired by Africa Oil for investment purposes. Africa Oil aims 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, according to Keith C. Hill, president and CEO of Africa Oil Corp.
In February 2018, Africa Oil Corp entered into agreements that will provide it with an approximately 25.2 per cent interest in Impact Oil and Gas Limited, a private UK company with exploration assets in South and West Africa.
Last year, Africa Oil Corp entered into a strategic partnership with Eco (Atlantic) Oil and Gas Ltd for exploration in West Africa and Guyana.
