January 9, 2020 – Vancouver, BC – Renaissance Oil Corp. (“Renaissance” or the “Company”) (TSX-V: ROE) (OTCQB: RNSFF) is pleased to announce that it has entered into an agreement to issue 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 expected to be completed on or about January 13, 2020 and is subject to acceptance by the TSX Venture Exchange. The Shares will be subject to a hold period expiring four months and one day from closing of the Investment, in accordance with applicable Canadian securities laws.
Renaissance also announces that Carol Law, Chief Operating Officer, retired from the Company effective December 31, 2019. We wish to thank Carol for her valuable contribution to the Company. Carol will continue to support Renaissance going forward as a technical advisor for a term of two years.
Renaissance continues to make progress on its journey to become a major Mexican energy producer.