Africa Oil has announced that it has closed the US$100,000,000 non-brokered private placement previously announced pursuant to an Investment Agreement dated May 1, 2015 have been released to Stampede Natural Resources S.à r.l.
Stampede, an entity owned by a fund advised by Helios Investment Partners LLP now holds approximately 12.37% of the issued and outstanding common shares of the Company Africa Oil.
Also pursuant to the Investment Agreement, Andrew Bartlett, Oil and Gas Partner at Helios, has been appointed as Helios’ nominee to the Africa Oil board of directors with Stampede also been granted certain rights, including the right to participate for its pro-rata share in future financings.
Net proceeds of the private placement will be used towards the Company’s ongoing appraisal and development work program in East Africa.
Africa Oil Corp has assets in Kenya and Ethiopia as well as Puntland (Somalia) through its equity interest in Africa Energy Corp formerly Horn Petroleum.