Africa Oil Closes Final Tranche of $25 Million Private Placement

Africa Oil Corp. (TSX VENTURE:AOI)announced that it has closed the second and final tranche of the $25 million private placement, previously announced on July 9, 2010.

The press release is quoted as saying:

The second tranche, comprising 3,605,010 common shares, issued at $1.00 per common share, has been released to the investors. These shares are subject to a hold period expiring on November 27, 2010. Net proceeds of the private placement will be used towards the Company’s ongoing work program in East Africa as well as for general working capital purposes.

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