(Reuters) - Canadian oil and gas company Africa Oil Corp said it would raise up to C$20 million through a private placement of its common shares, partly to fund its exploration projects in East Africa
The company, which has oil and gas interests in Somalia, Ethiopia and Kenya, said it will sell up to 20 million common shares at C$1 apiece.
The net proceeds will also be used for general working capital purposes, the company said.
Africa Oil said shares issued in the private placement will be subject to a four-month hold period.
Shares of the Vancouver, British Columbia-based company closed at C$1.14 Thursday on the Toronto Venture Exchange.