On December 31, 2015, Africa Energy Corp. closed the transaction. The transaction included participation from new investor Zebra Holdings and Investments (Guernsey) Limited, which acquired 37,963,750 common shares and certain insiders of the company.

TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 16 placees. Jeromie Kufflick, Chief Financial Officer of the company has purchased 2,300,883 shares, James R. Phillips, Chief Executive Officer and President has purchased 4,486,625 shares, Jan Joost Maier, Vice President of Exploration, has purchased 690,250 shares, existing investor Pareto Securities AB, Investment Arm has purchased 17,256,250 shares, Paul Anthony Martinez, an insider has purchased 1,150,417 shares, existing investor Bank Julius Baer Private Equity Investment Arm has purchased 37,963,750 shares and existing investor Africa Oil Corp.

has purchased 25,539,250 shares. The company paid cash finder's fees of CAD 37,500 to Hanson Peak LLP. The securities issued are subject to a hold period expiring on May 1, 2016.