Replies to post #5102 on Africa Oil Corp (AOIFF)

[douginil]

Reuters - Thu Feb 12, 2015 12:37pm EST

UPDATE 1-Africa Oil says to place new shares, take impairment charges

http://www.reuters.com/article/2015/02/12/africa-oil-issue-idUSL5N0VM5YO20150212

A couple of key points:

Africa Oil said on Thursday it planned to raise $100 million in a private placement and that it would take impairment charges related to assets in Somalia and Ethiopia.

The company said the net proceeds from the private placement would be used primarily to fund ongoing appraisal and pre-development activities in the South Lokichar Basin in Kenya.