VANCOUVER, Jan. 9, 2020 /CNW/ - Renaissance Oil Corp.
("Renaissance" or the "Company") (TSX-V: ROE) (OTCQB: RNSFF) is
pleased to announce that it has entered into an agreement to issue
to an investor 6,578,500 common shares of the Company (the
"Shares") at a price of C$0.20 per Share for proceeds to the Company
of US$1 million (the
"Investment").
The proceeds from the Investment will be used to fund
capital expenditures and for general corporate purposes. The
Investment is expected to be completed on or about January 13, 2020 and is subject to acceptance by
the TSX Venture Exchange. The Shares will be subject to a hold
period expiring four months and one day from closing of the
Investment, in accordance with applicable Canadian securities
laws.
Renaissance also announces that Carol
Law, Chief Operating Officer, retired from the Company
effective December 31, 2019. We wish
to thank Carol for her valuable contribution to the
Company. Carol will continue to support Renaissance going
forward as a technical advisor for a term of two years.
Renaissance continues to make progress on its journey to become
a major Mexican energy producer.
RENAISSANCE OIL CORP.
Per:
Craig Steinke
Chief Executive Officer
Cautionary Note Regarding Forward-Looking
Statements
This news release contains certain
forward-looking information and forward-looking statements within
the meaning of applicable securities legislation (collectively
"forward-looking statements"). Certain information contained herein
constitutes "forward-looking information" under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"expects", "believes", "aims to", "plans to" or "intends to" or
variations of such words and phrases or statements that certain
actions, events or results "will" occur. Such statements include,
without limitation, statements with respect to the
anticipated use of proceeds from the
Investment and the acceptance by the TSX Venture
Exchange. Forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made and they are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed by such forward-looking
statements or forward-looking information, including the business
of the Company, the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks, and delay, inability to complete a
financing or failure to receive regulatory approvals. Although
management of the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements and forward looking
information. The Company does not undertake to update any
forward-looking statements or forward-looking information that are
incorporated by reference herein, except as required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Renaissance Oil Corp.