VANCOUVER, BC, Could 16, 2022 /CNW/ – Reconnaissance Energy Africa Ltd. (the “Organization” or “ReconAfrica”) (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) is happy to announce that it has retained C. Matthew Warder (performing business enterprise as Seawolf Research) to deliver trader relations services to the Enterprise pursuant to a consulting agreement (the “Settlement”).
Mr. Warder, who is based mostly in Severn, Maryland, is an electricity, metals, and mining analyst with almost two a long time of knowledge covering the purely natural source and industrial sectors. As founder and CEO of administration consultancy and financial analytics firm Seawolf Research, he presents financial investment and consulting products and services to customers across several sectors with a pronounced concentration on vitality, metals, mining, and industrial source chains.
Prior to forming Seawolf, Mr. Warder spent a number of years as Director of Power with the Money Research Team, and approximately a ten years as Principal Analyst at international strength/metals/mining investigation consultancy Wooden Mackenzie – now element of Verisk Analytics (Nasdaq: VRSK).
In his job with the Corporation, Mr. Warder will be responsible for giving business enterprise progress and item enhancement solutions, aimed at penetrating specified concentrate on marketplaces, as properly as other ad hoc initiatives as requested by the Business from time to time (collectively, the “Providers”).
The Settlement presents for an initial phrase of just one 12 months and is topic to evaluation after every three months, at which time, either party might terminate the Settlement by giving at least 30 days advance composed observe. Underneath the Agreement, the Firm will fork out Mr. Warder US$17,500 for each month and reimburse him for expenses incurred in relation to the functionality of the Solutions. The Firm has also agreed to grant Mr. Warder alternatives to obtain an mixture of 200,000 typical shares of the Enterprise in accordance with the phrases of the Company’s stock option prepare, with the particular terms of these types of choices currently being subject to the approval of the board of directors of the Corporation.
Prior to entering into the Agreement, Mr. Warder had no interest, immediately or indirectly, in the Business or its securities and acted at arm’s length to the Firm. The thought to be paid by the Firm to Mr. Warder underneath the Arrangement is for providers only.
The Organization announces the retirement of Anna Tudela, Company Secretary. We would like to thank Anna for her valuable contributions to the ReconAfrica team considering the fact that joining the Organization in January, 2020. Anna will certainly be missed and we present her our finest for long run adventures all through her retirement.
Stock Possibility Grants
Pursuant to the Firm’s inventory possibility system, the Business has granted to directors, officers and consultants inventory options to buy an combination of 5,715,000 typical shares of the Company at a selling price of C$6.35 for every share for a period of five years, expiring on May 15, 2027.
ReconAfrica is a Canadian oil and fuel corporation engaged in the opening of the recently found out deep Kavango Sedimentary Basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where by the Organization holds petroleum licences comprising approximately 8.5 million contiguous acres. In all elements of its functions, ReconAfrica is fully commited to minimal disturbance of habitat, in line with ideal worldwide requirements, and will implement environmental and social best tactics in all of its undertaking areas.
Neither the TSXV nor its Regulation Services Service provider (as that term is described in procedures of the TSXV) accepts responsibility for the adequacy or precision of this release.
Cautionary Notice Pertaining to Ahead-On the lookout Statements:
Particular statements contained in this press launch represent ahead-wanting data beneath relevant Canadian, United States and other relevant securities legislation, regulations and laws, which includes, with no limitation, statements with regard to Mr. Warder’s duties with the Organization and compensation for the same and the Firm’s motivation to negligible disturbances in line with international greatest expectations and its implementation of environmental and social best procedures in all of its venture areas. These statements relate to long term functions or long term effectiveness. The use of any of the phrases “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and very similar expressions and statements relating to issues that are not historic information are meant to establish ahead-hunting information and are centered on ReconAfrica’s recent perception or assumptions as to the consequence and timing of these kinds of long run events. There can be no assurance that these statements will prove to be correct, as the Company’s real success and long term situations could differ materially from those people expected in these forward-looking statements as a consequence of the factors talked about in the “Hazard Factors” part in the Company’s amended and restated once-a-year details sort dated Could 19, 2021 readily available less than the Company’s profile at www.sedar.com. Precise potential outcomes may possibly vary materially. Many assumptions or elements are commonly applied in drawing conclusions or generating the forecasts or projections established out in forward-searching data. Those assumptions and things are based on information and facts at this time obtainable to ReconAfrica. The forward-on the lookout information contained in this launch is created as of the day hereof and ReconAfrica undertakes no obligation to update or revise any ahead-on the lookout data, whether or not as a result of new details, long run functions or otherwise, other than as essential by relevant securities regulations. Since of the pitfalls, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-hunting facts. The foregoing statements expressly qualify any forward-on the lookout details contained herein.
Resource Reconnaissance Electrical power Africa Ltd.
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