Africa Oil exercises warrants, receives $55.8-million
Africa Oil Corp (C:AOI)
Shares Issued 119,931,226
Last Close 12/29/2010 $1.98
Thursday December 30 2010 - News Release
Mr. Keith Hill reports
AFRICA OIL: ACCELERATED WARRANT EXERCISE COMPLETED
As of the expiry date of Dec. 23, 2010, 99.5 per cent of the company's share purchase warrants that were issued pursuant to a private placement in April, 2009, were exercised. The warrant exercise resulted in gross proceeds to the company of approximately $55.8-million.
The Dec. 23, 2010, expiry date was an accelerated expiry as announced in Stockwatch on Nov. 22, 2010. The closing price of the company's common shares on the TSX Venture Exchange on Nov. 19, 2010, was $2.01. This marked the 20th consecutive trading day that the closing price of the company's common shares exceeded $2.00. Accordingly, the company elected to exercise its rights to accelerate the expiry date of the warrants and provided notice of the same to the warrantholders. Each warrant entitled the holder to acquire one common share of Africa Oil at a price of $1.50 per share on or before 5 p.m. (Vancouver time) on Dec. 23, 2010.
? 2010 Canjex Publishing Ltd. |
