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ReconAfrica Announces Amendment to Previously Announced Private Placement

/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, Nov. 14, 2019 /CNW/ -A Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSX-V: RECO) announces that the Company is amending the terms of its non-brokered private placement of units (the "Private Placement") previously announced on October 31, 2019. The Company will now issue up to 4,411,765 units (each, a "Unit") of the Company at a price of $0.34 per Unit for aggregate gross proceeds to the Company of up to $1,500,000.
ReconAfrica Announces Amendment to Previously Announced Private Placement
Each Unit will still comprise of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.50 at any time on or before five (5) years after the closing of the Private Placement.ReconAfricaA 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 petroleum licenses, comprising approximately 6.3 million contiguous acres.
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