VANCOUVER, BC,
Sept. 10, 2021 /CNW/ - Reconnaissance Energy Africa Ltd.
(the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) is pleased to
announce that it has retained John
Dalton to provide investor relations services to the Company
pursuant to a consulting agreement (the "Agreement").
Mr. Dalton, who is based in Houston,
Texas, has over 20 years of oil and gas and capital markets
industry experience and is currently the managing partner of
McDonald Dalton Capital Partners, L.L.C., a sell-side investment
bank, and chairman of Zeteky, Inc., an enterprise software company.
Prior to this, Mr. Dalton was the managing partner of Dalton
Creations, L.L.C., a private company involved in locating and
funding public and private investment opportunities primarily in
the oil and gas industry and the chairman of ATAG, Energy, Inc., an
oil and gas service company building deep-water blow-out preventers
for the oil and gas industry. He holds a Bachelor of Business
Administration from Texas Tech
University.
In his role with the Company, Mr. Dalton will be responsible for
providing research to the Company on identifying potential
investors, with a particular focus throughout the United States, initiating and executing
investor meetings and assisting in the development of corporate
presentations, as well as other ad hoc projects as requested by the
Company from time to time (collectively, the "Services").
The Agreement provides for an initial term of six months and
thereafter the parties shall have the option to mutually extend the
Agreement, unless otherwise terminated in accordance with its
terms. Pursuant to the Agreement, the Company agreed to grant Mr.
Dalton options to purchase an aggregate of 100,000 common shares of
the Company (the "Options") at a price of $6.23 per share for a period of five years,
expiring on September 8, 2026. The
Company has also agreed to reimburse Mr. Dalton for expenses
incurred in relation to the performance of the Services. No other
consideration is payable to Mr. Dalton pursuant to the
Agreement.
Prior to entering into the Agreement, apart from his beneficial
ownership of 20,000 common shares of the Company, Mr. Dalton had no
interest, directly or indirectly, in the Company or its securities
and acted at arm's length to the Company. The consideration to be
paid by the Company to Mr. Dalton under the Agreement is for
services only.
Stock Option Grant
In addition to the 100,000 Options granted to Mr. Dalton
pursuant to the Agreement, on September 8,
2021, the Company also granted to a consultant of the
Company and a director of one of the Company's subsidiaries an
aggregate of 260,000 Options at a price of $6.23 per share for a period of five years,
expiring on September 8, 2026.
Termination of Consulting Agreement with Proconsul
Capital
The Company also announces the termination of its previously
announced investor relations agreement with Proconsul Capital Ltd.
("Proconsul Capital"), such termination to be effective
October 10, 2021. The Company would
like to thank Proconsul Capital for its excellent service and
advice and wishes Proconsul Capital well.
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
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.
Email: admin@reconafrica.com
IR Inquiries Email: investors@reconafrica.com
Media Inquiries Email: media@reconafrica.com
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 Mr.
Dalton's responsibilities with the Company and compensation for the
same and the Company's commitment to minimal disturbances in line
with international best standards and its implementation of
environmental and social best practices in all of its project
areas. 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 amended and restated annual
information form dated May 19, 2021
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.