Reconnaissance Energy Africa increases bought-deal offering to C$19M

CALGARY, Alberta - Reconnaissance Energy Africa Ltd. has raised the size of its bought-deal public offering to C$19,000,440, according to a press release. The company entered into a new agreement with Research Capital Corporation as the sole bookrunner and lead underwriter, alongside Canaccord Genuity Corp. and ATB Cormark Capital Markets.

The underwriters have committed to purchasing 26,028,000 units at C$0.73 per unit, each consisting of one common share and a half-share purchase warrant. The underwriters also have an over-allotment option to increase the offering by up to 15%, exercisable within 30 days post-closing. The net proceeds will fund an open-hole horizontal sidetrack and production testing program in the Huttenberg and Elandshoek formations, along with general corporate purposes and working capital.

The offering is scheduled to close on or around September 10, 2026, pending regulatory approvals, including TSX Venture Exchange listing acceptance. The company plans to file a prospectus supplement with securities regulators in Canadian provinces except Québec. Reconnaissance Energy Africa focuses on oil and gas exploration in Namibia, Angola, and Botswana.