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Africa Energy Launches Up to US$4.5 Million Private Placement to Fund South Africa Offshore Development

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Africa Energy (AFE.V) plans to launch a non-brokered private placement of common shares for gross proceeds of up to US$4.5 million.

The common shares will be priced at C$0.135 apiece, the South Africa-focused Canadian oil and gas exploration company said Tuesday.

Company insiders are expected to subscribe for more than 25% of the offering. Net proceeds will be used for general working capital purposes and to advance the development of Africa Energy's interest in Block 11B/12B offshore South Africa.

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