Africa Oil takes Impact stake

Issue 363 - 15 Feb 2018 | 2 minute read
East Africa player Africa Oil Corporation has agreed to take a 25.2% stake in Impact Oil and Gas via deals with some of the company’s shareholders. The subscription agreement between Impact, Africa Oil and Impact shareholder Deepkloof, a subsidiary of South Africa’s Hosken Consolidated Investments, will raise up to $35m, Impact said. The first tranche of the placing will comprise an investment of $10m from Deepkloof and $15m from Africa Oil, and the companies have options to invest a further $7.5m and $2.5m respectively.

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