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ECO receives TSX approval for the acquisition of additional interest in Block 3B/4B, South Africa

Updated: Jul 26, 2022

Completing its Private Placement.

Once again the Eco Management Team shows its ability to expand its oil and gas exploration portfolio in a manner that continues to enhance shareholder value.

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration

company focused on the offshore Atlantic Margins, is pleased to confirm that it had

received TSX Venture Exchange (the "Exchange") approval for its acquisition of an additional 6.25% Participating Interest in Block 3B/4B, offshore South Africa from the Vendor, one of the shareholders of Ricocure (Proprietary) Limited (the "Acquisition").

As disclosed in the Company's announcement of 27 June 2022 (the "Initial Press Release"), the Acquisition has resulted in the issuance to Lunn Family Trust of 2,702,702 common shares in the capital of Eco ("Common Shares"), at a deemed price of 30p (CAD$0.48) per Common Share having an aggregate value of US$1 million on the date of the Agreement; and (ii) the Company has paid a cash amount of US$1 million to the Vendor ("the First Tranche").

The Company and Vendor signed an addendum to the Agreement (the "Amended Agreement"), pursuant to which, the final US$2 million worth of shares to be issued at Completion at the value of the 30 day VWAP per Common Share prior to the date of the press release announcing the issue of such Common Shares (See the Initial Press Release), would be limited to a maximum of 10,000,000 Common Shares.

Additionally, the Company wishes to clarify that in connection with its announcement on June 27, 2022 of its successful completion of a US$12.3 million equity financing that a fee in the amount of US$528,020 was paid to Fox-Davies Capital Limited in addition to the issuance of 180,000 Common Shares to certain advisers of the Company at a deemed price of 30p (CAD$0.48) per Common Share ("Fee Shares"). It is also noted that, further to the Company's announcement of 16 May 2022, 975,000 of the 1,800,000 nil cost RSUs that were expected to convert into Common Shares have not yet been converted and accordingly the corresponding 975,000 Common Shares were not issued ("Reduced RSU Conversion"). The Fee Shares and Reduced RSU Conversion were reflected in the total issued share capital of the Company as announced on June 27, 2022, being 344,863,838 Common Shares, therefore the total voting rights in the Company remain unchanged.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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