March 2, 2020 – Vancouver, BC – Renaissance Oil Corp. (“Renaissance” or the “Company”) (TSX-V: ROE) (OTCQB: RNSFF) announces that, pursuant to the convertible debentures issued on March 6, 2019 (the “Convertible Debentures”), the Company has elected to issue common shares of the Company (the “Shares”) in satisfaction of the aggregate accrued interest owing on such Convertible Debentures. Under the terms of the Convertible Debentures, interest has accrued at a rate of 10% per annum resulting in a total amount owing of $124,657.53 as at February 29, 2020. The Company will satisfy the aggregate accrued interest owing by issuing 1,480,490 Shares having a deemed price of approximately $0.0842 per share. The price per share was determined using the 30-day volume weighted average price of the Shares on the TSX Venture Exchange (the “TSXV”) ending on February 29, 2020.
The Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws and are subject to the acceptance of the TSXV.