Monday, 13 November 2017 02:30 AM
TORONTO, ON / ACCESSWIRE / November 13, 2017 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO; TSX-V: EOG), is pleased to announce that the Company has entered into an agreement with Africa Oil Corp ("AOC") whereby AOC has subscribed for shares in the Company as well as entered into a Strategic Alliance Agreement to identify new projects to add to the Company's portfolio (the "Subscription Agreement").
Highlights:
- The Company is raising approximately CAD $14 million (£8.46 million) by way of a subscription
- The price of the Subscription Shares represents a premium of approximately 28% per cent to the closing mid-market price of 0.375c (TSX-V) / 22.25GBp (AIM) on 10 November 2017
- AOC will hold an interest in Eco of approximately 19.77% per cent. on Admission
- Funds raised will be used to actively identify, negotiate and contract new oil and gas exploration assets and conduct the initial work programmes
- Keith Hill, president and CEO of AOC, expected to be appointed to the Board of Eco as a non-executive director
- Derek Linfield, a non-executive director of Eco, will step down from the Board of Eco in order to make room for Keith Hill. Mr. Linfield will continue to serve as a consultant to the Company
- Strategic Alliance Agreement entered into with AOC to bid jointly on any new assets or ventures proposed to be acquired by Eco
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/2550W_1-2017-11-13.pdf
SOURCE: Eco (Atlantic) Oil & Gas Ltd.