Monday, November 4, 2013

Africa Hydrocarbons Inc. - NFK.v

Africa Hydrocarbons Inc. - NFK.v key asset is its 47.5% owned Bouhajla Block, located onshore in Tunisia within the productive Pelagian Basin. Africa Hydrocarbons completed 55Km2 of 3D seismic and a successful financing in 2012. The BHN-1 well was spud in June 2013 on the Bouhajla North oil prospect and reached TD in July .

On October 23, 2013 the company reported News


Africa Hydrocarbons Inc. has entered into an engagement agreement with Canaccord Genuity Corp. in connection with a bought-deal private placement offering of 6.9 million units of the company, at a price of 18 cents per unit, for aggregate gross proceeds of $1,242,000 (the bought-deal offering). In addition, the company has granted the underwriter the option to sell up to an additional 5.6 million units on a commercially reasonable efforts basis on the same terms as the bought-deal offering for additional gross proceeds of up to $1,008,000. Assuming the full exercise of the underwriter's option, total gross proceeds of both the bought-deal offering and the best-efforts offering will be up to $2.25-million. Each unit will be composed of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the company at a price of 30 cents per common share for a period of 12 months after the closing of the offering.

The company has agreed to pay the agent a fee of 7 per cent of the aggregate gross proceeds of the offering. In addition, the underwriter will be issued on the closing of the offering broker warrants entitling the underwriter to subscribe for common shares equal to 7 per cent of the aggregate number of units issued under the offering at an exercise price of 30 cents per common share. The broker warrants will expire 18 months after the closing of the offering.