VANCOUVER, Jan. 13, 2020 /CNW/ - Renaissance Oil Corp. ("Renaissance" or the "Company") (TSX-V: ROE) (OTCQB: RNSFF) is pleased to announce that it has issued to an investor 6,578,500 common shares of the Company (the "Shares") at a price of C$0.20 per Share for proceeds to the Company of US$1 million (the "Investment").
The proceeds from the Investment will be used to fund capital expenditures and for general corporate purposes.
The Investment is subject to final acceptance by the TSX Venture Exchange. The Shares are subject to a hold period expiring on May 14, 2020, in accordance with applicable Canadian securities laws.
Renaissance is also pleased to announce Anna Tudela has joined the Company in the role of Corporate Secretary. Anna has over 30 years of experience working with public companies in the securities and corporate finance areas, both in the United States and Canada. She was most recently the Vice-President, Diversity, Regulatory Affairs and Corporate Secretary of Goldcorp Inc. where she won numerous awards including the Peter Dey Governance Achievement Award; named one of the 100 Global Inspirational Women in Mining (UK) and the Women in Mining (BC) Aurora Award which recognizes exceptional women in mining.
The Company wishes to thank Carmen Etchart, who is stepping down from her role as Corporate Secretary, for her commitment and significant contributions to Renaissance since its inception.
Renaissance continues to make progress on its journey to become a major Mexican energy producer.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Such statements include, without limitation, statements with respect to the anticipated use of proceeds from the Investment and the final acceptance by the TSX Venture Exchange. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company, the speculative nature of oil and gas exploration and development, fluctuating commodity prices, competitive risks, and delay, inability to complete a financing or failure to receive regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Renaissance Oil Corp.
For further information: Craig Steinke, Chief Executive Officer, Tel: 604-536-3637; Kevin J. Smith, VP, Business Development, Tel: 403-200-9047