ReconAfrica Announces Closing of C$39 Million Underwritten Public Offering, led by C$22 Million Strategic Investment from BW Energy

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CALGARY, AB, July 31, 2024 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is pleased to announce that it has completed its previously announced C$35 million underwritten public offering (the "Offering") of units of the Company (the "Units") at a price of C$1.25 per Unit, and together with the partial exercise of the over-allotment option, for aggregate gross proceeds of approximately C$38.8 million. BW Energy Limited ("BW Energy") (OSE: BWE) participated in the Offering by way of a strategic equity investment in the Company for C$22 million (approximately US$16 million), in connection with the strategic partnership with the Company.