07:09:15 EST Mon 06 Dec 2021
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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 130,917,056
Close 2021-03-08 C$ 3.22
Recent Sedar Documents

Reconnaissance Energy warrants accelerated

2021-03-08 19:06 ET - Miscellaneous

Pursuant to the TSX Venture Exchange bulletin dated Aug. 20, 2020, 32,855,409 warrants of Reconnaissance Energy Africa Ltd. were listed for trading on the exchange.

The warrants were issued in connection with a prospectus offering of units undertaken by the company. Each warrant entitles the holder to purchase one common share of the company at a price of $1 per share, subject to an acceleration clause.

Per the terms of the underlying warrant indenture, if the daily volume weighted average trading price of the common shares of the company on the TSX Venture Exchange for any 20 consecutive days equals or exceeds $3, the company may, upon providing, within 10 days, written notice to the holders of the warrants, accelerate the expiry date of the warrants to the date that is 30 days following the date of such written notice.

The company has now delivered to holders of warrants a notice of the occurrence of the acceleration trigger and its election to accelerate the expiry date of the warrants to March 18, 2021.

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

The company has advised that as of March 5, 2021, 12,725,567 warrants remain outstanding.

Please refer to the company's news release dated Feb. 10, 2021, for further information.

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