Reconnaissance Energy Africa Down 18% as It a Upsizes Bought-Deal Public Offering to C$19 Million

12:07 PM EDT, 09/02/2026 (MT Newswires) -- Reconnaissance Energy Africa (RECO.V) was last seen down 18% as it upsized a bought-deal public offering to C$19 million from C$15 million, it said Wednesday. The company will now sell underwriters 26.2-million units at C$0.73 apiece and made up of a share and one half of three-year warrant to buy a share for C$0.93. It also granted to the underwriters an over-allotment option. The company plans to use proceeds to conduct an open-hole horizontal sidetrack and production testing program, targeting the primary reservoir in the Huttenberg formation and/or the secondary reservoir in the Elandshoek formation, and for general corporate purposes and working capital needs, it said. Shares of the company were last seen down C$0.15 to C$0.67 on the TSX Venture Exchange. Price: 0.67, Change: -0.15, Percent Change: -18.29