VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2012) -
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Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") reports that due to strong demand it has agreed to increase the previously announced private placement. The Company will now sell on a non-brokered, private placement basis, an aggregate of up to 30 million common shares of the Company at a price of Cdn $7.75 per share for gross proceeds of up to Cdn $232.5 million. All shares have now been placed. (Bold and italics mine)
They wanted it bad at the price it was originally offered at a few months ago and they took the hype associated with Twiga being another Ngamia in the target zone to their advantage.
What is unclear is did LL and company stick it to those who ran it down. We won't know it is non brokered but there are some very big names involved in this company including LL himself who took 10 percent of it. The fact that they had it fully placed in less than a day suggests a few favours might have been called in? Who knows?
Just my opinion...I am in for the long term they have too much money and too many good targets with a great operator/driller as a partner.