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Africa Oil: $450m private placement

Africa Oil Corporation has announced a brokered private placement of up to 56.5m shares to raise $450m. The shares will be placed on a best efforts basis by a syndicate of Citigroup Global Markets, Dundee Securities Europe and Pareto Securities. The proceeds will be used to fund the company’s busy exploration, appraisal and development programme in East Africa, as well as for corporate development and general working capital purposes.

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