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Africa Oil floats USD 125m-worth of equity to fund East Africa exploration

24th February 2015

Africa Oil Corp has closed its USD 125m brokered private placement, previously announced on February 13, 2015

Africa Oil Corp has closed its USD 125m brokered private placement, previously announced on February 13, 2015
An aggregate of 57,020,270 common shares, issued at a price of SEK 18.50 (CAD 2.74 equivalent) per share for gross proceeds of SEK 1,054,874,995, or USD 125,000,000 equivalent, have been released to investors

Net proceeds of the private placement will be used for ongoing exploration, appraisal and development activities in East Africa, as well as for corporate development and general working capital purposes.

An aggregate of 57,020,270 common shares, issued at a price of SEK 18.50 (CAD 2.74 equivalent) per share for gross proceeds of SEK 1,054,874,995, or USD 125,000,000 equivalent, have been released to investors.

The common shares were placed through a syndicate comprising Dundee Securities Europe LLP and Pareto Securities, who together acted as joint bookrunners. A cash commission equal to 4 per cent of the gross proceeds of the offering was paid to the joint bookrunners.

Subject to applicable securities laws, common shares issued to residents outside of Canada pursuant to the offering may not be sold, transferred or otherwise disposed of on the TSX or, except pursuant to an exemption from prospectus requirements under Canadian securities laws, to any person in Canada or otherwise into Canada for a period of four months plus one day from the date of the closing of the offering.

The securities offered have not been and will not be registered under the US Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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