December 3, 2019 – 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 November 30, 2019. The Company will satisfy the aggregate accrued interest owing by issuing 946,524 Shares having a deemed price of approximately $0.1317 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 November 30, 2019.
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.
In order to meet financial obligations necessary for the development of Amatitlán, Renaissance has delayed paying royalty payments due on the September and October 2019 production from our operating wells. Further royalty payments will be delayed until such time that the Company collects its outstanding trade receivables or raises additional funding. Failure to make the royalty payments will result in interest and penalties and could jeopardize the license agreements on the Company’s Chiapas properties. Renaissance continues discussions with funding sources in Europe, North America and Mexico.