Africa Oil Corp

[doinit]

latest news, july 10th

Raytec Closes Non Brokered Private Placement
July 10, 2009, Vancouver, BC – Raytec Metals Corp. (the “Company” or “Raytec”) (TSX.V – RAY). Raytec is pleased to report that it has closed its non brokered private placement (the “Private Placement”) of 10,900,000 units at $0.30 per unit (each a “Unit”) for total gross proceeds of $3,270,000. Each Unit consists of one common share (a “Common Share”) and one non transferable share purchase warrant (each a “Warrant”). Each Warrant is exercisable into one additional Common Share of the Company at a price of $0.50 per Common Share for a period of two years, until June 29, 2011. In accordance with the request of the TSX Venture Exchange (the “Exchange”) the proceeds of the Private Placement will be held in escrow pending the receipt by Raytec of the Exchange’s acceptance to Raytec’s recently announced farm-in transaction with Africa Oil Corp. The Company expects to file a submission to seek such acceptance shortly.

The Company will pay a cash finder’s fee of $163,500, equal to 5% of the total proceeds raised under the Private Placement to Peninsula Merchant Syndications Corp. (the “Finder”) upon the release from escrow of the Private Placement proceeds. In addition, the Company has issued 545,000 finder’s warrants (the “Finder’s Warrants”), equal to 5% of the Private Placement, to the Finder. Each Finder’s Warrant is exercisable into one additional Common Share of the Company at a price of $0.50 per Common Share for a period of two years, until June 29, 2011.

All securities issued under this Private Placement are subject to a four month hold period expiring on October 30, 2009.

The proceeds of the Private Placement will be used to fund the advancement of the Company’s interest in the licenses held by Africa Oil Corp. in Puntland, Somalia and the Republic of Kenya and for general working capital.

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