Not for Distribution in the United States or dissemination through a U.S. newswire service
February 16, 2018 – Vancouver, BC – Renaissance Oil Corp. (the “Company”) (TSX-V: ROE) announces that, further to its February 14, 2018 news release with respect to the engagement of Haywood Securities Inc. (the “Lead Agent”), on behalf of a syndicate of agents which includes Beacon Securities Limited, Paradigm Capital Inc. and Canaccord Genuity Corp. (together with the Lead Agent, the “Agents”), in respect of a brokered private placement of units (the “Units”) of the Company (the “Offering”), the Agents have informed the Company that they have obtained commitments from purchasers for over C$10,000,000. The Agents have been granted an option (the “Agents’ Option”) to sell up to an additional 6,000,000 Units at the same price per Unit as the Offering (C$0.25), exercisable in whole or in part at any time up to 48 hours prior to closing of the Offering, for additional gross proceeds of up to C$1,500,000.
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 for a period of 36 months from the date of issuance.
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.
The Offering is expected to close by March 2, 2018, as originally anticipated, and is subject to certain conditions, including completion of formal documentation and receipt of regulatory approval, including the acceptance of the TSX Venture Exchange.