ReconAfrica raises C$21.85M to fund Namibia sidetrack drilling

Energy Oil & Gas Written by: Angela Harmantas 09:50 Thu 10 Sep 2026 --> Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. She earned a Bachelor of... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Reconnaissance Energy Africa Ltd ( TSX-V:RECO OTCQX:RECAF ) View Price & Profile ReconAfrica raises C$21.85M to fund Namibia sidetrack drilling Published: 09:50 10 Sep 2026 EDT Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF, FRA:0XD) said it plans to use proceeds from its newly closed C$21.85 million bought-deal offering to fund an open-hole horizontal sidetrack and production testing program targeting Namibia's Huttenberg and Elandshoek formations. The company sold nearly 30 million units at C$0.73 per unit, including the full exercise of an over-allotment option. Each unit consists of one common share and half of one warrant, with each whole warrant exercisable at C$0.93 until September 2029. Research Capital Corporation led the underwriting syndicate as sole bookrunner, with Canaccord Genuity (TSX:CF, LSE:CF) Corp. and ATB Cormark Capital Markets also participating. The warrants are expected to begin trading on the TSX Venture Exchange under the symbol ‘RECO.WT.D’ next week, pending final exchange acceptance. The company paid the underwriters a cash commission of C$1.28 million and issued 1.75 broker warrants, along with a C$15,000 advisory fee and 6,000 advisory warrants on the same terms. Broker warrants are exercisable at C$0.73 until September 2029. The offering was completed under a prospectus supplement to ReconAfrica's short form base shelf prospectus dated April 2026. Continue reading