August 31, 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 $126,027.40 as at August 31, 2020. The Company will satisfy the aggregate accrued interest owing by issuing 1,782,564 Shares having a deemed price of approximately $0.0707 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 August 31, 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.