Africa Oil Corp. (AOI–TSX, AOI–Nasdaq-Stockholm) (“Africa Oil” or the “Company”) announced today that it had acquired 4,752,850 common shares of Eco (Atlantic) Oil and Gas Ltd. (“Eco”) (TSXV:EOG or LSE:ECO) for US$1.05 per common share for a total consideration of US$4,999,998.
The common shares were acquired by Africa Oil on a non-brokered private placement basis and, together with the 29,200,000 common shares of Eco held by the Company prior to the acquisition, represent approximately 18.8% of Eco’s issued and outstanding share capital.
Africa Oil acquired the common shares for investment purposes and does not currently have the intention of exercising control or direction over Eco. Africa Oil will review its holdings from time to time and may continue to acquire and/or dispose of additional securities of Eco according to market conditions and other relevant factors in the future.
Source: Africa Oil