Reconnaissance Energy Africa Ltd. announced a non-brokered private placement with officers and directors of the company of up to 1,071,429 units at a price of CAD 1.12 per unit for the gross proceeds of CAD 1,200,000 of which approximately CAD 1,000,000 is being subscribed by the company's new Chief Executive officer on August 3, 2023. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of CAD 1.37 for a period of 24 months from the closing of the offering.

The securities issued in connection with the offering will be subject to a hold period of four months and one day from the closing of the offering in accordance with applicable Canadian securities legislation. The transaction is expected to close on or before August 31, 2023. The transaction is subject to the approval of all regulatory regulations and the TSX Venture Exchange.