ReconAfrica completes acquisition of Renaissance

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) effective at 12:01 a.m. (Vancouver time) on 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).

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Source: EnergyPedia

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