Africa Oil completes US$100 million financing
May 29, 2015
100.00 Million USD
On May 29, 2015, Africa Oil Corp. closed its investment agreement with Stampede Natural Resources S.a.r.l., an entity owned by a fund advised by Helios Investment Partners LLP, to sell, on a non-brokered private placement basis, 52,623,377 of its common shares at a price of C$2.31 for gross proceeds of C$121.5 million (US$100 million). Net proceeds of the private placement will be used towards the Company's ongoing appraisal and development work program in East Africa.
Helios is an Africa-focused investment firm, and Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia as well as Puntland (Somalia) through its equity interest in Africa Energy Corp.
McCarthy Tétrault LLP advised Helios with a team led by Robert Brant and Sarah Landry Maltais.