On September 5, 2023, Reconnaissance Energy Africa Ltd. has closed the transaction. The company issued 1,071,500 units at a price of CAD 1.12 per unit for the gross proceeds of CAD 1,200,080. Each Warrant will entitle the holder to acquire one Common Share at a price of CAD1.40 until September 1, 2025. The securities issued in connection with the transaction 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 TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 3 placees including existing insider involvement of 3 insiders for 1,071,500.