05:56:55 EST Mon 06 Dec 2021
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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 130,917,056
Close 2021-02-09 C$ 4.15
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Reconnaissance accelerates warrant expiry to March 18

2021-02-10 01:49 ET - News Release

Mr. Scot Evans reports


Reconnaissance Energy Africa Ltd. has elected to accelerate the expiry date of the common share purchase warrants issued on Aug. 20, 2020, under the warrant indenture between Computershare Trust Company of Canada and the company dated Aug. 20, 2020.

"The exercise of these listed warrants significantly strengthens the company's balance sheet, providing a strong catalyst to accelerate ReconAfrica's objectives in developing this newly discovered deep Permian basin," said Scot Evans, chief executive officer.

Accelerated expiry date

As described in the company's short-form prospectus dated Aug. 12, 2020, and pursuant to the terms of the warrant indenture, if the volume-weighted average trading price of the company's common shares on the TSX Venture Exchange equals or exceeds $3 for a period of 20 consecutive trading days, the company is entitled to accelerate the expiry date of the warrants to the date that is 30 days following the date notice of such acceleration is delivered to holders of warrants. The company will deliver the acceleration notice to holders of warrants indicating the company's election to accelerate the expiry date of the warrants to March 18, 2021.

Any warrants that have not been exercised by 1:30 p.m. Vancouver time on March 18, 2021, will automatically be cancelled.

Each warrant entitles the holder to purchase one common share of the company at a price of $1. If all warrants are exercised, including previously exercised warrants, gross proceeds to the company will total approximately $32.9-million; however, there can be no assurance that any additional warrants will be exercised prior to the accelerated expiry date.

Warrantholders who wish to exercise their warrants should review the exercise requirements contained in the acceleration notice, the warrant indenture and, if applicable, the certificate evidencing their warrants, and contact their legal and investment advisers before submitting the exercise form and any other applicable documentation to the warrant agent. The contact details for the warrant agent are as follows: Computershare Trust Company of Canada, third floor, 510 Burrard St., Vancouver, B.C., V6C 3B9.

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.

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