Renaissance Oil reprices $10M offering

CPE News

Vancouver (pcJ News Briefs) – Renaissance Oil Corp. (TSX-V: ROE) has repriced brokered private placement announced on March 8, 2017 with Haywood Securities Inc., as lead agent with Beacon Securities Limited and Canaccord Genuity Corp. as agents.

The price per unit will be reduced $0.30 to $0.25 such that the offering is now up to 40,000,000 units at a price of $0.25 per unit for aggregate gross proceeds of up to $10,000,000.
Each unit will consist of one common share and one common share purchase warrant entitling the holder thereof to acquire one common share at an exercise price of $0.50 from the date of issuance until July 31, 2019.

The agents have obtained commitments for the first C$10,000,000. The offering is expected to close by March 29, 2017, as originally anticipated. The agents have been granted an option to sell up to an additional 20,000,000 units at the same price, exercisable in whole or in part at any time up to April 12, 2017.

Net proceeds will be used to aid in the company’s ongoing efforts in securing oil and gas rights in Mexico, to fund capital expenditures and for general corporate purposes.

photo credit: Renaissance Oil