ReconAfrica Announces Closing of C$36.8 Million Underwritten Offering, Funded to Advance Multi-Zone Production Testing at Kavango West 1X, Accelerate Follow-on Appraisal Drilling on Kavango Discovery and Advance Activities at Ngulu Block in Gabon

Core Viewpoint - Reconnaissance Energy Africa Ltd. has successfully completed an underwritten offering, raising gross proceeds of C$36,800,098 to fund its capital program for 2026, which includes activities in its oil and gas exploration portfolio [1][4]. Financing Details - The offering was led by Research Capital Corporation as the lead underwriter, with participation from Canaccord Genuity Corp. and Haywood Securities Inc. [2] - A total of 38,736,945 units were issued at a price of C$0.95 per unit, each consisting of one common share and one-half of a common share purchase warrant [3]. Use of Proceeds - The net proceeds from the offering will be allocated to various activities, including conducting production tests, advancing operations for appraisal wells, re-processing seismic data, and general corporate purposes [4][8]. Shareholder Information - BW Energy Limited acquired 2,315,780 units for C$2,199,991, increasing its ownership to approximately 6.96% of the issued and outstanding common shares post-offering [5][7]. - Certain insiders of the company participated in the offering, acquiring a total of 107,000 units, which is classified as a related-party transaction [11]. Regulatory and Compliance - The offering is subject to final acceptance by the TSX Venture Exchange, and the units sold are not subject to any hold period under applicable Canadian securities legislation [5][4]. - The company will file an early warning report regarding BW Energy's acquisition of units, which will be available on the SEDAR+ profile [10]. Company Overview - ReconAfrica is engaged in oil and gas exploration in the Damara Fold Belt and Kavango Rift Basin, holding petroleum licenses over approximately 13 million contiguous acres [15].