VANCOUVER, BC, Oct. 24,
2023 /CNW/ - Reconnaissance Energy Africa Ltd. (the
"Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) is pleased to
announce that it has engaged the services of Independent Trading
Group ("ITG") to provide market-making services (the "ITG
Agreement") in accordance with Policy 3.4 of the TSX Venture
Exchange (the "TSXV").
It is anticipated that ITG will trade shares of the Company on
the TSXV and other trading venues as applicable with the objective
of maintaining a reasonable market and improving the liquidity of
the Company's common shares. Under the ITG Agreement, ITG will
receive compensation of CAD$6,000 per month, payable monthly in
advance. The ITG Agreement is for an initial term of three months
and will renew for additional one-month terms unless terminated by
either party. The ITG Agreement may be terminated by either party
with 30 days' notice. There are no performance factors contained in
the ITG Agreement and ITG will not receive shares or options as
compensation. ITG is not affiliated with the Company.
About Independent Trading
Group
Independent Trading Group (ITG) Inc. is a Toronto based IIROC dealer-member that
specializes in market making, liquidity provision, agency
execution, ultra-low latency connectivity, and bespoke algorithmic
trading solutions. Established in 1992, with a focus on market
structure, execution and trading, ITG has leveraged its own
proprietary technology to deliver high quality liquidity provision
and execution services to a broad array of public issuers and
institutional investors. ITG and the Company are unrelated and
unaffiliated entities and at the time of the agreement, neither ITG
nor its principals have an interest, directly or indirectly, in the
securities of the Company.The appointment of ITG as a market
maker for the Company, as contemplated in the ITG Agreement and
summarized above, remains subject to TSXV approval.
About ReconAfrica
ReconAfrica is a 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
licences comprising ~8 million contiguous acres. In all aspects of
its operations ReconAfrica is committed to minimal disturbance of
habitat in line with best international 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. 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 June 20, 2023, available under
the Company's profile
at www.sedarplus.ca. 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.