GlobeNewswire·Sep 10, 2026, 9:32 AM ET

ReconAfrica Announces Closing of $21.9 Million Bought-Deal Public Offering, Including Full Exercise of the Over-Allotment Option, to Conduct Horizontal Sidetrack and Production Testing Program at the Kavango West 1X of the Huttenberg Formation

Reconnaissance Energy Africa Ltd. completed an upsized bought-deal public offering of 29,932,200 units at C$0.73 per unit, generating C$21,850,506 in gross proceeds including the full over-allotment exercise.
The offering was led by Research Capital Corporation as sole bookrunner with Canaccord Genuity Corp. & ATB Cormark Capital Markets as syndicate underwriters.
Each unit consists of one common share & one-half of one common share purchase warrant, with warrants exercisable at C$0.93 until September 10, 2029.
Net proceeds will fund an open-hole horizontal sidetrack & production testing program targeting the Huttenberg & Elandshoek formations in Namibia, plus general corporate purposes & working capital.
The company paid underwriters C$1,282,910.76 in cash commissions, issued 1,757,412 broker warrants exercisable at C$0.73, & provided advisory fees & warrants totaling C$15,000 & 6,000 warrants respectively.
Warrants are expected to begin trading on the TSX Venture Exchange under the symbol "RECO.WT.D" in the following week, subject to regulatory acceptance.
The offering was executed via a prospectus supplement to the April 13, 2026 base shelf prospectus filed with Canadian securities authorities (excluding Québec).
ReconAfrica explores the Damara Fold Belt & Kavango Rift Basin across Namibia, Angola, & Botswana while operating the Ngulu block offshore Gabon, maintaining a commitment to minimal habitat disturbance.