Africa Energy Raises $5 Million via Non-brokered Private Placement

11:57 PM EDT, 08/04/2026 (MT Newswires) -- Africa Energy (AEC.ST) raised gross proceeds of $4.5 million after closing a non-brokered private placement of common shares. The oil and gas exploration company issued 47 million shares at CA$0.135 apiece, according to a Wednesday release. Africa Energy will use the proceeds for general working capital purposes and to accelerate the development of its interest in block 11B/12B offshore South Africa.