AFRICA HYDROCARBONS ANNOUNCES PROPOSED PRIVATE PLACEMENT
Calgary, Alberta (July 24, 2017) – Africa Hydrocarbons Inc. (NFK.H: NEX | KNPRF: PNK | KRL1: STU) (“AHI” or the “Company”) announces that it intends to complete a non-brokered private placement (the “Private Placement”) of up to 1,550,000 common shares (“Shares”) of the Company at a price of $0.50 per Share for gross proceeds of up to CAD$775,000.
The net proceeds from the Private Placement will be used in connection with continued operations of the Company, payment of outstanding debts, bringing the Company’s continuous disclosure record up to date, and examining what financial and strategic alternatives may be available to the Company and towards general and administrative expenses.
The securities issued in connection with the Private Placement are subject to a hold period of four months and one day from the closing of the Private Placement. The Private Placement is subject to certain conditions, including approval of the NEX Board of the TSX Venture Exchange (the “NEX”).
The Company may pay a commission or finder’s fee to eligible parties in connection with the Private Placement, subject to the approval of the NEX and compliance with applicable securities laws.
About the Company
Africa Hydrocarbons Inc. is a Canadian based Issuer listed on the NEX board of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF
AFRICA HYDROCARBONS INC.
For further information, please telephone: (403) 984-3194.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.