KEYFACT Energy
Africa Oil Corp. has acquired 144,956,250 common shares of Africa Energy Corp.for CAD$0.16 per common share (USD$0.1242 per common share).
Immediately prior to the acquisition, Africa Oil held a total of 91,096,164 common shares representing approximately 28.54% of the Company'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% of the Company's issued and outstanding share capital. The common shares were acquired pursuant to a private placement offering on May 4, 2018 for a total consideration of CAD$23,192,960 (approximately USD$17,999,969).