ReconAfrica completes acquisition of Renaissance
28-07-2021 09:10:00 | by: Pie Kamau | hits: 1004 | Tags:

Reconnaissance Energy Africa (ReconAfrica) and Renaissance Oil Corp. (Renaissance) announced they have completed the acquisition by ReconAfrica of Renaissance by way of plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) effective July 27, 2021.

Pursuant to the Arrangement, the holders of common shares of Renaissance (the “Renaissance Shares”) received 0.046 (the “Exchange Ratio”) of a common share of ReconAfrica (each whole common share, a “ReconAfrica Share”) 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.

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.

ReconAfrica is a Canadian oil and gas company engaged in the exploration and development of oil and gas in Namibia and Botswana.