Africa Energy Corp. (TSXV:AFE) announced a non-brokered private placement on a reasonable commercial basis of common shares for gross proceeds of CAD 15,000,000 on October 31, 2016. The company will issue securities through a book building process.

The company may pay finder's fee of 5% of the gross proceeds. The securities to be issued are subject to a hold period of four month plus one day. The transaction is subject to regulatory approval, including the approval of the TSX Venture Exchange.

The transaction is expected to close on or before November 15, 2016.