/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES/
CALGARY, June 6, 2012 /CNW/ - Africa Hydrocarbons Inc. (TSXV: NFK) (AHI or the Company) is pleased to announce that in connection with its previously announced public offering (the Offering) of common shares (Common Shares) of the Company, AHI and Canaccord Genuity Corp. (the Agent) have agreed to amend the terms of the Offering from up to 55,600,000 Common Shares, at a price of $0.18 per Common Share, to a minimum of 44,500,000 units (Units) of the Company and up to 55,600,000 Units, at a price of $0.18 per Unit, for aggregate gross proceeds of a minimum of $8,010,000 and up to $10,008,000.
Each Unit will consist of one Common Share and one half of one Common Share purchase warrant (each whole warrant, a Warrant). Each whole Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.30 per Common Share at any time prior to 4:30 p.m. (Calgary time) on or before the date that is 12 months following the closing of the Offering.
The Offering is expected to close on or about June 13, 2012 or on such other date as agreed to by the Company and the Agent. All other terms and conditions of the Offering are the same as were announced on May 10, 2012.
Certain information set forth in this press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including the receipt of third party approvals, including shareholder and regulatory approvals, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve or resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. There is also a specific risk that the Offering may not close. If the Offering does not close, then it is likely that the Company will not be able to meet its funding obligations under the Bouhajla Farmout Agreement. If the Company cannot meet such obligations, then it may lose all or a portion of its interest under the Bouhajla Farmout Agreement.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. Except as required by applicable securities laws, AHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release, required by applicable Canadian laws, is not for distribution to U.S. News services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. Persons unless registered or exempt therefrom.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
ON BEHALF OF THE BOARD OF
AFRICA HYDROCARBONS INC.