Reconnaissance Energy Africa (RECAF) Surges 21% This Week: What’s Next?

On Monday, July 19, RECAF’s stock was at $7.34. However, after three days, today it is currently at $8.93, resulting in a 21% gain. The company has recently announced that the proposed acquisition of all of the outstanding securities of Renaissance by Reconnaissance Energy Africa Ltd. (“ReconAfrica”) by an arrangement (the “Transaction”) was approved at Renaissance’s yearly general and special meeting of security holders on July 13, 2021.

The previously announced services agreement between Renaissance and Mr. Maleki dated October 11, 2017 (the “Maleki Agreement”) has been terminated for an aggregate of compensation of 3 million warrants and stock of ReconAfrica.

Reconnaissance Energy Africa, a junior oil and gas company, engages in the identification, exploration, and development of oil and/or gas assets in Namibia and Botswana. It holds a 90% interest in a petroleum exploration license that covers an area of approximately 25,341.33 km2 located in Namibia; and 100% working interest in a petroleum license, which covers an area of 9,921 km2 located in northwestern Botswana. The company is based in Vancouver, Canada.

Agneta Johansen

Agneta is still enjoying her trips to Asia and Africa while she works at Own Snap as an author and reporter. Very soon she will settle somewhere in Europe and run her startup enterprise.

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