May 7, 2021, Vancouver, Canada – Renaissance Oil Corp. (“Renaissance” or the “Company”) (TSX-V: ROE) (OTCQB: RNSFF) is pleased to announce that it has received notices of conversion from each holder of the Company’s outstanding convertible debentures (the “Debentures”) previously issued on March 6, 2019 (the “Conversion”). This will result in the conversion of all outstanding Debentures having an aggregate principal amount of C$5,000,000 into 20,000,000 common shares of the Company (the “Common Shares”) at a conversion price of C$0.25 per Common Share.
Pursuant to the terms of the Debentures, interest on the principal amount of the Debentures has accrued daily at a rate of 10% per annum. In connection with the Conversion, the Company intends to issue Common Shares in satisfaction of the aggregate accrued and unpaid interest owing on the Debentures up to the date of Conversion (the “Interest Shares”). The Interest Shares will be issued at a deemed price per share equal to the 30-day volume weighted average price of the Common Shares on the TSX Venture Exchange (the “TSXV”) ending on the day prior to the Conversion.
The issuance of the Interest Shares is subject to the acceptance of the TSXV. The Interest Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws
The Conversion is expected to be completed on or about May 14, 2021.