Reconnaissance Energy Africa Raises CA$22 Million in Bought Deal Financing

11:37 AM EDT, 09/10/2026 (MT Newswires) -- Reconnaissance Energy Africa (RECO.V) said Thursday that it raised CA$21.9 million through a financing of 29.9 million units at CA$0.73 each. Each unit is comprised of one share and half of a three-year warrant that can buy a share at CA$0.93. Proceeds will be used for conducting an open-hole horizontal sidetrack and production testing program at its reservoirs in the Huttenberg and/or Elandshoek formations in Namibia. ReconAfrica shares were last seen down CA$0.025 at CA$0.615 on the TSX Venture Exchange. Price: 0.62, Change: -0.03, Percent Change: -3.91