Financing

Impact Oil & Gas Raises ~US$40 Million through Underwritten Open Offer

By Isha Makkar
February 07, 2020
a minute read
Impact Oil & Gas Block 2912 Namibia

Africa-focused privately-owned explorer Impact Oil & Gas Ltd. has raised approximately US$40 million by way of an open offer of ordinary shares underwritten by certain existing shareholders. Deepkloof Ltd., Africa Oil Corp. and CAZ Investments Ltd. agreed to commit to their pro-rata share of the open offer at the issue price of GBpence 20 per ordinary share. In addition, Deepkloof and CAZ further agreed to underwrite the remainder of the offer and take up such number of additional shares as necessary to ensure that the targeted gross proceeds were fully raised, with any such additional shares to be issued at a underwriting issue price of GBpence 18 per ordinary share. Impact Oil & Gas holds a portfolio of offshore exploration licenses in Namibia, South Africa and AGC (Senegal / Guinea Bissau). The company intends to use the proceeds of the capital raising to fund its share of various exploration and appraisal costs in Namibia and South Africa, and for general corporate overheads including in-house geological and geophysical costs.

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