ReconAfrica Secures C$17.25M in Public Offering

Reconnaissance Energy Africa Ltd. (TSE:RECO) has released an update.

Reconnaissance Energy Africa Ltd. successfully completed a significant public offering, raising C$17.25 million through the sale of over 19 million units, each including a common share and a purchase warrant. The proceeds are earmarked for drilling, construction, and working capital needs. The offering, underwritten by a syndicate led by Research Capital Corporation, also provided warrants that allow holders to purchase additional shares at a future date under certain conditions.

For further insights into TSE:RECO stock, check out TipRanks’ Stock Analysis page.