10:12 AM EDT, 07/31/2024 (MT Newswires) -- Reconnaissance Energy Africa ( RECAF ) said Wednesday it raised a total of $38.8 million in its public offering of units at $1.25 each. BW Energy invested $22 million, in connection with its strategic partnership with the company.

The company issued 30.94 million shares and and 31.84 million warrants. Each unit consists of one share and one share purchase warrant, exercisable for one share at $1.75 for two years. The warrants will start trading on the TSX Venture Exchange under the symbol "RECO-WT" on or about August 6.

ReconAfrica was at last look down 3.3% to $1.035 on the TSX Venture Exchange.

Price: 1.04, Change: -0.03, Percent Change: -2.80