VANCOUVER, BC, Jan. 19, 2021 /CNW Telbec/ - Reconnaissance
Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO)
(OTCQX: RECAF) (Frankfurt: 0XD) is
pleased to announce that it has retained Proconsul Capital
Ltd. ("Proconsul") to provide investor relations services to the
Company pursuant to a consulting agreement (the "Agreement"). Under
the Agreement, the Company will retain Proconsul for an initial
term of six months. After the completion of the initial six month
term, the Agreement shall automatically renew on a month to month
basis, unless otherwise terminated in accordance with its terms.
Under the Agreement, the Company will pay C$3,000 per month (plus applicable taxes) to
Proconsul. Upon execution of the Agreement, the Company granted
100,000 stock options to Proconsul (see news release dated
November 30, 2020). The Company has
agreed to grant an additional 100,000 stock options to Proconsul in
the event that the Company continues to retain Proconsul after the
initial six month term.
The Company and Proconsul act at arm's length. Prior to entering
into the Agreement, Proconsul had no interest, directly or
indirectly, in the Company or its securities. The fee to be paid by
the Company to Proconsul under the Agreement is for services
only.
ReconAfrica is a junior, Canadian oil and gas
company engaged in the opening of the newly discovered deep Kavango
Sedimentary Basin, in the Kalahari Desert of northeastern
Namibia and northwestern
Botswana, where the Company holds
petroleum licenses comprising approximately 8.5 million contiguous
acres. In all aspects of its operations, ReconAfrica is committed
to minimal disturbances in line with international best
standards and will implement environmental and social best
practices in all of its project areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements contained in this press
release constitute forward-looking information under applicable
Canadian, United States and other
applicable securities laws, rules and regulations, including,
without limitation, statements with respect to the grant of stock
options to Proconsul upon the Agreement being extended beyond the
initial six month term. These statements relate to future events or
future performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on ReconAfrica's current belief or
assumptions as to the outcome and timing of such future events.
There can be no assurance that such statements will prove to be
accurate, as the Company's actual results and future events could
differ materially from those anticipated in these forward-looking
statements as a result of the factors discussed in the "Risk
Factors" section in the Company's annual information form dated
July 27, 2020 available under the
Company's profile at www.sedar.com. Actual future results may
differ materially. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to ReconAfrica. The forward-looking information contained
in this release is made as of the date hereof and ReconAfrica
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.