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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 181,837,650
Close 2021-09-10 C$ 6.27
Recent Sedar Documents

ReconAfrica hires Dalton for IR, paid in options only

2021-09-10 17:16 ET - News Release

Mr. Scot Evans reports

RECONAFRICA ENTERS INTO INVESTOR RELATIONS CONSULTING AGREEMENT

Reconnaissance Energy Africa Ltd. has retained John Dalton to provide investor relations services to the company pursuant to a consulting agreement.

Mr. Dalton, who is based in Houston, Tex., has over 20 years of oil and gas and capital markets industry experience and is currently the managing partner of McDonald Dalton Capital Partners, LLC, a sell-side investment bank, and chairman of Zeteky, Inc., an enterprise software company. Prior to this, Mr. Dalton was the managing partner of Dalton Creations, LLC, a private company involved in locating and funding public and private investment opportunities primarily in the oil and gas industry and the chairman of ATAG Energy, Inc., an oil and gas service company building deepwater blowout preventers for the oil and gas industry. He holds a bachelor of business administration from Texas Tech University.

In his role with the company, Mr. Dalton will be responsible for providing research to the company on identifying potential investors, with a particular focus throughout the United States, initiating and executing investor meetings and assisting in the development of corporate presentations, as well as other ad hoc projects as requested by the company from time to time.

The agreement provides for an initial term of six months and thereafter the parties shall have the option to mutually extend the agreement, unless otherwise terminated in accordance with its terms. Pursuant to the agreement, the company agreed to grant Mr. Dalton options to purchase an aggregate of 100,000 common shares of the company at a price of $6.23 per share for a period of five years, expiring on Sept 8, 2026. The company has also agreed to reimburse Mr. Dalton for expenses incurred in relation to the performance of the services. No other consideration is payable to Mr. Dalton pursuant to the agreement.

Prior to entering into the agreement, apart from his beneficial ownership of 20,000 common shares of the company, Mr. Dalton had no interest, directly or indirectly, in the company or its securities and acted at arm's length to the company. The consideration to be paid by the company to Mr. Dalton under the agreement is for services only.

Stock option grant

In addition to the 100,000 options granted to Mr. Dalton pursuant to the agreement, on Sept. 8, 2021, the company also granted to a consultant of the company and a director of one of the company's subsidiaries an aggregate of 260,000 options at a price of $6.23 per share for a period of five years, expiring on Sept. 8, 2026.

Termination of consulting agreement with Proconsul Capital

The company also announces the termination of its previously announced investor relations agreement with Proconsul Capital Ltd., such termination to be effective Oct. 10, 2021. The company would like to thank Proconsul Capital for its excellent service and advice and wishes Proconsul Capital well.

About Reconnaissance Energy Africa Ltd.

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 the company 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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