09:17 AM EDT, 04/03/2024 (MT Newswires) -- Reconnaissance Energy Africa Ltd. ( RECAF ) said Wednesday it has completed its bought deal public offering of units for aggregate gross proceeds of $17.25 million including the full exercise of the over-allotment option. A total of 19.2 million units were sold at $0.90 apiece. Each unit consists of one common share and one common share purchase warrant.

Each warrant entitles the holder to acquire one common share at $1.15 for two years.

Net proceeds will be used for drilling activities, long lead items for drilling, road and location construction, and working capital.