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VANCOUVER , April 13, 2017 /CNW/ - Renaissance Oil Corp. (the "Company") (ROE.V) announces further to its previously announced brokered private placement, the CEO of the Company, Craig Steinke , is buying an additional 1,000,000 units ("Units") at a price of C$0.25 per Unit for gross proceeds of C$250,000 . Each Unit will consist of one common share of the Company and one common share purchase warrant of the Company (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of C$0.50 from the date of issuance until July 31, 2019 .
The net proceeds of the Offering will be used to aid in the Company's ongoing efforts in securing oil and gas rights in Mexico , to fund capital expenditures and for general corporate purposes. The securities to be issued by the Company in connection with this Offering will be subject to a 4-month "hold period" as prescribed by the TSX Venture Exchange and applicable securities laws. The issuance of the securities is subject to the approval of the TSX Venture Exchange.
The Company further announces that pursuant to the Company's stock option plan, it has granted to directors, officers, consultants, employees and charitable organizations of the Company options to purchase an aggregate of 6,500,000 common shares of the Company at a price of C$0.25 per share for a period of up to ten years, subject to regulatory approval.
RENAISSANCE OIL CORP.
Chief Executive Officer
SOURCE Renaissance Oil Corp.
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