Reconnaissance Energy Africa announces C$15 million bought deal

Calgary, Alberta - Reconnaissance Energy Africa Ltd. has announced plans to raise C$15 million through a bought-deal financing, according to a press release. Research Capital Corporation will serve as the sole bookrunner and lead underwriter for the offering of 20,548,000 units priced at C$0.73 per unit. Each unit represents one common share and one-half of a common share purchase warrant, giving the holder the right to acquire one common share at C$0.93 within 36 months of closing.

The underwriters are granted an over-allotment option to expand the offering by up to 15% for market stabilization purposes, exercisable within 30 days of closing. The company intends to use the net proceeds for an open-hole horizontal sidetrack and production testing program, focusing on primary and secondary reservoirs, as well as general corporate purposes and working capital.

The offering is expected to close on or around September 10, 2026, pending regulatory approval, including listing on the TSX Venture Exchange. Reconnaissance Energy Africa is actively involved in oil and gas exploration across northeastern Namibia, southeastern Angola, and northwestern Botswana, holding licenses covering around 13 million contiguous acres, as well as operating the Ngulu block offshore central Gabon.