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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 163,874,996
Close 2021-07-27 C$ 10.94
Recent Sedar Documents

Reconnaissance closes Renaissance Oil acquisition

2021-07-27 10:38 ET - News Release

Also News Release (C-ROE) Renaissance Oil Corp

Mr. Scot Evans reports

RECONAFRICA COMPLETES ACQUISITION OF RENAISSANCE

Reconnaissance Energy Africa Ltd. and Renaissance Oil Corp. have completed the previously announced (on each of April 19, May 19, July 15 and July 26) acquisition by ReconAfrica of Renaissance by way of plan of arrangement under the Business Corporations Act (British Columbia) effective at 12:01 a.m. (Vancouver time) on July 27, 2021.

Pursuant to the arrangement, the holders of common shares of Renaissance received 4.6 of common shares of ReconAfrica for each Renaissance share held at the close of business on July 26, 2021. All outstanding options and warrants of Renaissance will be exchanged for economically equivalent options and warrants to purchase ReconAfrica shares (subject to adjustment based on the exchange ratio).

ReconAfrica has received the acceptance of the TSX Venture Exchange to list the ReconAfrica shares on the TSX-V. The Renaissance shares are expected to be delisted from the TSX-V at the close of trading on July 29, 2021, and Renaissance intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Pursuant to the letter of transmittal mailed to shareholders of Renaissance as part of the materials in connection with the annual general and special meeting of shareholders of Renaissance held on July 13, 2021, in order to receive the ReconAfrica shares to which they are entitled, registered holders of Renaissance shares are required to deposit their share certificate(s) representing Renaissance shares, together with a duly completed letter of transmittal, with Computershare Investor Services Inc., the depositary under the arrangement. Shareholders whose Renaissance shares are registered in the name of a broker, dealer, bank, trust company or other nominee must contact their nominee to deposit their Renaissance shares.

Further information about the arrangement is set forth in the materials prepared by Renaissance in respect of the meeting which were mailed to Renaissance shareholders and filed under Renaissance's profile on SEDAR.

Early warning reporting

By virtue of its acquisition of all of the issued and outstanding Renaissance shares under the arrangement, ReconAfrica is required to file an early warning report pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report will be filed on Renaissance's SEDAR profile.

ReconAfrica is a 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 ReconAfrica holds petroleum licences comprising approximately 8.5 million contiguous acres. In all aspects of its operations, ReconAfrica 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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