November 19, 2015 – Vancouver, BC – Renaissance Oil Corp. (“Renaissance” or the “Company”)
(TSX-V: ROE) is pleased to announce that it has entered into a credit agreement (the “Credit Agreement”) with Sprott Resource Lending Partnership (the “Lender”), pursuant to which the Company has been provided with a US$20 million senior secured term loan facility (the “Facility”). In consideration for the structuring and syndication of the Facility, Renaissance has issued an aggregate of 738,000 common shares (the “Bonus Shares”) as directed by the Lender. The Bonus Shares are subject to a hold period of four months plus one day from the date of issuance, expiring on March 20, 2016.
The Facility matures on February 29, 2016 and bears interest at a rate of 6.0% per annum. The Facility is secured under a general security agreement over assets of Renaissance. Subject to the terms and conditions of the Credit Agreement, Renaissance will be advanced the US$20 million upon satisfaction of the escrow release conditions contained therein.
Renaissance will use the Facility for the acquisition of certain Pemex project assets and/or project assets held by the state located in Mexico, and for no other purpose without the prior written consent of the Lender.