UPDATE 1-Africa Oil to raise up to C$20 mln in private placement

* To sell 20 mln shares at C$1 apiece

* Proceeds to fund exploration program in East Africa

July 9 (BestGrowthStock) – Canadian oil and gas company Africa Oil
Corp (AOI.V: ) said it would raise up to C$20 million through a
private placement of its common shares, partly to fund its
exploration projects in East Africa

The company, which has oil and gas interests in Somalia,
Ethiopia and Kenya, said it will sell up to 20 million common
shares at C$1 apiece.

The net proceeds will also be used for general working
capital purposes, the company said.

Africa Oil said shares issued in the private placement will
be subject to a four-month hold period.

Shares of the Vancouver, British Columbia-based company
closed at C$1.14 Thursday on the Toronto Venture Exchange.
(Reporting by Koustav Samanta in Bangalore; Editing by Anne
Pallivathuckal)

UPDATE 1-Africa Oil to raise up to C$20 mln in private placement