Africa Oil: Accelerated Warrant Exercise Completed

Africa Oil Corp. (TSXV:AOI) reports that 99.5% of the Company’s share purchase warrants that were issued pursuant to a private placement in April 2009 were exercised as of the expiry date of December 23, 2010.

The press release is quoted as saying:

The December 23, 2010 expiry date was an accelerated expiry as announced on November 22, 2010. The closing price of the Company’s common shares on the TSX Venture Exchange on November 19, 2010 was CDN$2.01. This marked the 20th consecutive trading day that the closing price of the Company’s common shares exceeded CDN$2.00. Accordingly, the Company elected to exercise its rights to accelerate the expiry date of the warrants and provided notice of the same to the warrant holders. Each warrant entitled the holder to acquire one common share of Africa Oil at a price of CDN$1.50 per share on or before 5:00 p.m. (Vancouver time) on December 23, 2010.

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