VANCOUVER, BC, Oct. 29, 2021 /CNW/ - (TSX: AOI)
(Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("AOI", "Africa
Oil" or "the Company") is pleased to announce that its investee
company, Prime Oil and Gas Cooperatief UA ("Prime"), has
successfully signed and closed a pre-export finance facility ("PXF
Facility"). View PDF version
Prime's PXF Facility is for an initial amount of $150 million. The PXF Facility is arranged by
Shell Western Supply and Trading Limited and Africa Finance
Corporation ("PXF Lenders") and has a 7-year tenor, extending the
duration of Prime's debt profile on very competitive cost terms
that are comparable to its RBL facility. The use of proceeds of the
PXF Facility is to partly repay the RBL and other general corporate
purposes. The PXF Facility can be increased to an amount up to
$300 million, subject to the PXF
Lenders' approval.
Prime has satisfied all the conditions precedent with the
drawdown of the $150 million expected
by the end of this month.
Keith Hill, Africa Oil's
President and CEO, commented: "Closing of the PXF facility marks an
important milestone in Prime's efforts to extend the duration of
its debt profile in a cost effective way. It is very encouraging to
see the support from two strong lenders, building on Prime's
excellent relationships with its RBL lenders. This reflects the
quality of Prime's assets and operations."
Africa Oil also reports the following share capital and voting
rights update in accordance with the Swedish Financial Instruments
Trading Act. As a result of the exercise of 432,000 stock options
under the Company's stock option plan, the Company now has
474,361,451 common shares issued and outstanding with voting rights
as of October 29, 2021.
Africa Oil Corp. is a Canadian oil and gas company with
producing and development assets in deepwater Nigeria; development assets in Kenya; and an exploration/appraisal portfolio
in Africa and Guyana. The Company is listed on the Toronto
Stock Exchange and on Nasdaq Stockholm under the symbol
"AOI".
All dollar amounts are in United
States dollars unless otherwise indicated.
This information is information that Africa Oil Corp. is obliged
to make public pursuant to the EU Market Abuse Regulation and the
Swedish Financial Instruments Trading Act. The information was
submitted for publication, through the agency of the contact person
set out below on October 29, 2021 at
1:00 a.m. ET.
Forward Looking Information
Certain statements and information contained herein constitute
"forward-looking information" (within the meaning of applicable
Canadian securities legislation). Such statements and information
(together, "forward looking statements") relate to future events or
the Company's future performance, business prospects or
opportunities.
All statements other than statements of historical fact may be
forward-looking statements. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"seek", "anticipate", "plan", "continue", "estimate", "expect,
"may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe" and similar
expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve
known and unknown risks, ongoing uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements, including
statements pertaining to the increase of amount available under
Prime's PXF Facility. No assurance can be given that these
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable laws.
Actual results may differ materially from those expressed or
implied by such forward-looking statements.
SOURCE Africa Oil Corp.