RECONAFRICA ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT WITH INSIDERS OF THE COMPANY
Summary
The Warrant exercise price was amended from $1.37, as previously stated in the Companys press release dated August 3, 2023, in order to comply with the policies of the TSX Venture Exchange.Proceeds from the Offering are expected to be used for general corporate and working capital purposes.The securities issued in connection with the Offering will be subject to a hold period until January 2, 2024, being four months and one day from the closing of the Offering, in accordance with applicable Canadian securities legislation.The Offering constitutes a "related party transaction" within the meaning of TSXV Policy 4.1 and Section 5.9 and Multilateral Instrument 61101 Protection of Minority Security Holders in Special Transactions ("MI 61101") because Insiders of the Company, being Brian Reinsborough, Adam Rubin and Gord Keep, have participated in the Private Placement and have acquired the number of Common Shares as is equal to $1,200,080 in connection with the Offering. In all aspects of its operations ReconAfrica is committed to minimal disturbance of habitat in line with best international standards and will implement environmental and social best practices in all of its project areas.Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfricas current belief or assumptions as to the outcome and timing of such future events. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information.