Africa Oil completes US$100 million financing

Date Closed

May 29, 2015

Lead Office

London, UK


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.