Petroleum Africa
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Wednesday, July 28, 2021
Reconnaissance Energy Africa (ReconAfrica) 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). The completion became effective July 27, 2021.
Pursuant to the Arrangement, the holders of common shares of Renaissance received 0.046 (the Exchange Ratio) of a common share 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 (TSXV) to list the ReconAfrica Shares on the TSXV. The Renaissance Shares are expected to be delisted from the TSXV 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.
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