Good Morning Malone, for our today's DAILY TRADE, i have found :Eco Oil and Gas. CVE: EOG AND otcb: ECAOF.Again, withe oil and gas sector on momentum sector play, this could be very interesting :The premium priced placing is pitched some 28% above Friday’s closing share price.
Africa Oil and Eco (Atlantic) Oil and Gas Announce Strategic Partnership
ECAOF friday's closing is $ .248 and EOG is $.38 making the OTCB shares even more interrsting as they have to align with the current Canadian price.So ECAOF could go as high as 50% today. TRY GETTING IN FIRST SECOND AT OPEN.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2017) - Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") (TSX:AOI) (OMX:AOI) is pleased to announce that it has entered into a strategic partnership with Eco (Atlantic) Oil and Gas Ltd. (TSXV:EOG or AIM:ECO) for exploration in West Africa and Guyana. Under the terms of an investment agreement (the "Investment Agreement"), AOC has agreed to acquire a 19.77% shareholding in ECO through the purchase, by way of private placement, of 29.2 million common shares at CAD$0.48 per share for a total consideration of CAD$14.0 million (approximately US$10.9 million).
Eco Atlantic Oil & Gas Ltd (LON:ECO) revealed it has raised £8.46mln of new capital and added Africa Oil Corp to its shareholder register.
Africa Oil Corp, an explorer that’s seen significant recent success with new discoveries, has subscribed for a 19.77% stake in the company, taking 29.2mln new Eco shares priced at 29p.
The premium priced placing is pitched some 28% above Friday’s closing share price.
Cash raised in the funding will be earmarked for Eco’s exploration ventures – specifically, Eco said it will allow the company to actively identify, negotiate and contract new oil and gas exploration assets and conduct the initial work programmes.
At the same time, Eco and AOC are entering a strategic alliance agreement to jointly bid on new assets and ventures. Also AOC chief executive Keith Hill will join the Eco board as a non-executive director.
Gil Holzman described Africa Oil Corp as “a like-minded company with a similar philosophy” highlighting that the new shareholder and potential partner is focussed frontier regions and has “significant financial muscle” to deliver on its strategy.
“Eco is now in an incredibly strong financial position,” Holzman said.
“We are funded for our forthcoming work programmes in both Guyana and Namibia through a series of agreements with Tullow Oil, AziNam, and Total and through these new agreements with AOC; we now also have the capability, as well as an industry leading partner, to identify further assets and to accelerate the work programmes on them.
“AOC is also, through its shareholding, now intrinsically aligned with Eco to deliver this strategy."
