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ReconAfrica Announces Acceleration of Warrant Expiry Date
ReconAfrica Announces Acceleration of Warrant Expiry Date Canada NewsWire ...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"\n \n \n \n ReconAfrica Announces Acceleration of Warrant Expiry Date\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Warrant Acceleration May Result in Gross Proceeds to The Company of Up to\n \n $33 Million\n \n , Including Previously Exercised Listed Warrants\n \n \n \n NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Feb. 10, 2021\n \n /CNW/ - Reconnaissance Energy Africa Ltd. (the \"Company\" or \"ReconAfrica\") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) announces it has elected to accelerate the expiry date of the common share purchase warrants issued on\n \n August 20, 2020\n \n (the \"Warrants\") under the warrant indenture between Computershare Trust Company of\n \n Canada\n \n (the \"Warrant Agent\") and the Company dated\n \n August 20, 2020\n \n (the \"Warrant Indenture\").\n \n \n \n \n \n \n \n \n \n \"The exercise of these listed warrants significantly strengthens the Company's balance sheet, providing a strong catalyst to accelerate ReconAfrica's objectives in developing this newly discovered deep Permian basin,\" said\n \n Scot Evans\n \n , Chief Executive Officer.\n \n \n \n Accelerated Expiry Date\n \n \n \n As described in the Company's Short Form Prospectus dated\n \n August 12, 2020\n \n , and pursuant to the terms of the Warrant Indenture, if the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange equals or exceeds\n \n $3.00\n \n for a period of 20 consecutive trading days (the \"Acceleration Trigger\"), the Company is entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date notice of such acceleration (the \"Acceleration Notice\") is delivered to holders of Warrants. The Company will deliver the Acceleration Notice to holders of Warrants indicating the Comp...