12:08 PM EDT, 06/17/2025 (MT Newswires) -- Reconnaissance Energy Africa ( RECAF ) on Tuesday said it raised $19 million in a bought-deal offering of share units.

The company sold an underwriting syndicate an undisclosed number of units priced at $0.50 each and made up of a share and a two-year warrant to buy a second share for $0.60. The warrants will start trading on the TSX Venture Exchange under the symbol "RECO.WT.A" on or about June 24.

Proceeds from the offering will be used for exploration activities, working capital and general corporate purposes.

Shares of the company were last seen down $0.005 to $0.43 on the TSX Venture Exchange.

Price: 0.43, Change: -0.01, Percent Change: -1.15