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Africa Energy ( (TSE:AFE) ) just unveiled an announcement.
Africa Energy Corp. has announced updates to its financial restructuring efforts, including a shares for debt transaction and a non-brokered private placement to settle approximately US$5.4 million of existing debt and raise an additional US$8.3 million. The initiatives involve issuing shares to debtholders like Deepkloof Limited and the Lorito Group and are aimed at addressing the company’s debt while supporting its strategic interests, such as the development of Block 11B/12B offshore South Africa. These actions are expected to result in Deepkloof becoming a significant control person in the company, necessitating shareholder approval as per TSXV policies.
More about Africa Energy
Africa Energy Corp. operates in the energy industry, focusing on the exploration and development of oil and gas assets, particularly in South Africa. The company is listed on the TSX Venture Exchange and Nasdaq First North, indicating its commitment to expanding its market presence in both Canadian and international markets.
YTD Price Performance: 16.67%
Average Trading Volume: 76,961
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$56.31M
Learn more about AFE stock on TipRanks’ Stock Analysis page.
