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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 146,863,032
Close 2021-03-24 C$ 3.25
Recent Sedar Documents

Reconnaissance Energy closes accelerated warrants

2021-03-25 11:54 ET - News Release

Mr. Scot Evans reports

RECONAFRICA UPDATE ON WARRANT EXERCISES AND RELEASE OF CHAPTER 2 OF "THE VOICES OF KAVANGO"

Reconnaissance Energy Africa Ltd. has completed the early expiration program with respect to common share purchase warrants issued on Aug. 20, 2020, adding approximately $34.3-million to the company's balance sheet. As announced on Feb. 10, 2021, Reconnaissance elected to accelerate the expiration date of the warrants to March 18, 2021. Any warrants not exercised prior thereto expired and the warrants have now been delisted from the TSX Venture Exchange.

"The completion of this acceleration of the warrant exercises significantly strengthens the company's balance sheet, and enables us to deliver on the full exploration of the Kavango basin rift play," stated Scot Evans, chief executive officer of the company.

The company is also pleased to announce the release of the second of its series, "The Voices of Kavango." This video highlights the stakeholder engagement in various communities in which Reconnaissance operates along with some specific examples of local hiring in the region and communities. Additionally, Reconnaissance is focused on procurement activities in the region and nationally as well as implementing ongoing, on-site technical training and initial development of livelihood projects encompassing agriculture, animal husbandry and health practices with Namibian experts and organizations.

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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