Mr. Scot Evans reports
RECONAFRICA ENTERS INTO AN AGREEMENT WITH PROCONSUL CAPITAL LTD.
Reconnaissance Energy Africa Ltd. has retained Proconsul Capital Ltd. to provide investor relations services to the company pursuant to a consulting agreement. Under the agreement, the company will retain Proconsul for an initial term of six months. After the completion of the initial six-month term, the agreement shall automatically renew on a month-to-month basis, unless otherwise terminated in accordance with its terms. Under the agreement, the company will pay $3,000 per month (plus applicable taxes) to Proconsul. Upon execution of the agreement, the company granted 100,000 stock options to Proconsul (see news release dated Nov. 30, 2020). The company has agreed to grant an additional 100,000 stock options to Proconsul in the event that the company continues to retain Proconsul after the initial six-month term.
The company and Proconsul act at arm's length. Prior to entering into the agreement, Proconsul had no interest, directly or indirectly, in the company or its securities. The fee to be paid by the company to Proconsul under the agreement is for services only.
Reconnaissance is a junior, Canadian, oil and gas company engaged in the opening of the newly discovered deep Kavango sedimentary basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the company holds petroleum licences comprising approximately 8.5 million contiguous acres. In all aspects of its operations, Reconnaissance is committed to minimal disturbances in line with international best standards, and will implement environmental and social best practices in all of its project areas.
We seek Safe Harbor.
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