Advokatfirman Lindahl advises International Finance Corporation (“IFC”), a member of the World Bank Group, in connection with its US $50 million investment in Africa Oil Corp.
IFC has invested US $50,000,000 in non-brokered private placement in Africa Oil Corp. announced on August 18, 2015 and closed on 31 August, 2015.
Pursuant to an Equity Subscription Agreement dated August 18, 2015, 31,169,048 common shares, issued at a price of CAD $2.10 per share for gross proceeds of CAD $65,455,000 (US $50 million) have been released to IFC. IFC now holds approximately 6.83% of the issued and outstanding common shares of Africa Oil Corp.
The Toronto Stock Exchange has conditionally approved the private placement and the new shares are admitted to trading on Nasdaq Stockholm.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, IFC uses its capital, expertise, and influence to create opportunity where it's needed most. In FY15, IFC's long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.
Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
Advokatfirman Lindahl assists IFC in the transaction as to Swedish law through Annika Andersson (Capital Markets and public M&A) with the assistance of Olivia Flink (Capital Markets and public M&A).