The Renaissance Oil Corp (OTC: RNSFF) stock was one of the major gainers last week and this morning the stock could be in sharp focus after it made an announcement with regards to the acquisition.
Reconnaissance Energy (OTC: RECAF) announced this morning that it has signed a letter of intent with Renaissance Oil Corp by way of which, it will acquire all the issued and outstanding shares in the latter. Reconnaissance Energy is going to issue shareholders in Renaissance Energy with 0.46 shares for each share of Renaissance they hold.
The value of the Consideration represents a 1.45% premium over the closing price of the Renaissance Shares on the TSX Venture Exchange (the “TSXV”) on April 16, 2021, the last day of trading prior to the announcement of the Transaction, and based on the closing price of the ReconAfrica Shares on the TSX.V of $7.62 on April 16, 2021.
Although no news about this acquisition had emerged last week, the Reconnaissance Energy stock saw considerable action. This past Friday, the stock went up by as high as 80% to take its gains for the week to 250%. The latest development is a significant one for the company and one that is going to be analyzed closely by many investors. It might be a good idea to keep an eye on the Reconnaissance Energy stock today.
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Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life