Not for Distribution in the United States or dissemination through a U.S. newswire service
March 16, 2017 – Vancouver, BC – Renaissance Oil Corp. (the “Company”) (TSX-V: ROE) announces that, further to its March 8, 2017 news release with respect to the engagement of Haywood Securities Inc., as lead agent with Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the “Agents”) for a brokered private placement, the Company and the Agents have agreed to reduce the price per unit from C$0.30 to C$0.25 such that the offering is now up to 40,000,000 units at a price of C$0.25 per unit (“Units”) for aggregate gross proceeds of up to C$10,000,000 (the “Offering”). The Agents have informed the Company that they have obtained commitments for the first C$10,000,000. The Offering is expected to close by March 29, 2017, as originally anticipated. The Agents have been granted an option (the “Agents’ Option”) to sell up to an additional 20,000,000 Units at the same price per Unit as the Offering, exercisable in whole or in part at any time up to April 12, 2017. The net proceeds of the Offering will be used to aid in the Company’s ongoing efforts in securing oil and gas rights in Mexico, to fund capital expenditures and for general corporate purposes.
Each Unit will consist of one common share of the Company and one common share purchase warrant of the Company (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of C$0.50 from the date of issuance until July 31, 2019.
The Agents will receive a commission on the proceeds of the Offering.
The Offering is subject to certain conditions, including completion of formal documentation and receipt of regulatory approval, including the approval of the TSX Venture Exchange (the “TSXV”). Pursuant to Canadian securities laws, any securities issued in the Offering will be subject to a hold period of four months plus one day from the date of issuance.