VANCOUVER, BC, Aug. 31, 2020 /CNW/ - Renaissance Oil Corp.
("Renaissance" or the "Company") (TSX-V: ROE) (OTCQB: RNSFF)
announces that, pursuant to the convertible debentures issued on
March 6, 2019 (the "Convertible
Debentures"), the Company has elected to issue common shares of the
Company (the "Shares") in satisfaction of the aggregate accrued
interest owing on such Convertible Debentures. Under the terms of
the Convertible Debentures, interest has accrued at a rate of 10%
per annum resulting in a total amount owing of $126,027.40 as at August
31, 2020. The Company will satisfy the aggregate accrued
interest owing by issuing 1,782,564 Shares having a deemed price of
approximately $0.0707 per share. The
price per share was determined using the 30-day volume weighted
average price of the Shares on the TSX Venture Exchange (the
"TSXV") ending on August 31,
2020.
The Shares will be subject to a four month hold period in
accordance with applicable Canadian securities laws and are subject
to the acceptance of the TSXV.
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 final
acceptance of the issuance of Shares 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.
