VANCOUVER, BC, March
25, 2021 /CNW/ - Reconnaissance Energy Africa Ltd.
(the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) reports on
warrants exercises and issues Chapter 2 of The Voices of
Kavango.
The Company is pleased to announce that it has completed the
early expiration program with respect to common share purchase
warrants issued on August 20, 2020
(the "Warrants"), adding approximately C$34.3 million to the Company's balance sheet. As
announced on February 10, 2021,
ReconAfrica elected to accelerate the expiration date of the
Warrants to March 18, 2021. Any
Warrants not exercised prior thereto expired and the Warrants have
now been de-listed from the TSX Venture Exchange.
"The completion of this acceleration of the warrant exercises
significantly strengthens the Company's balance sheet, and enables
us to deliver on the full exploration of the Kavango Basin rift
play" stated Mr. Scot Evans, Chief
Executive Officer of the Company.
The Company is also pleased to announce the release of the
second of its series 'The Voices of Kavango', available to view
here - (Chapter 2). This video highlights the stakeholder
engagement in various communities in which ReconAfrica operates
along with some specific examples of local hiring in the region and
communities. Additionally, ReconAfrica is focused on procurement
activities in the region and nationally as well as implementing
ongoing, on-site technical training and initial development of
livelihood projects encompassing agriculture, animal husbandry and
health practices with Namibian experts and organizations.
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 Company's
proposed exploration activities and the timelines and the
anticipated results relating thereto, and
the Company's implementation of on-site technical training and
development of livelihood projects with Namibian experts and
organizations. 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.