VANCOUVER, BC, March 6,
2024 /CNW/ - Reconnaissance Energy Africa Ltd. (the
"Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF)
(Frankfurt: 0XD) announces that it
has granted incentive stock options (the "Options") to certain
directors and officers of the Company to acquire an aggregate of
2,800,000 common shares in the capital of the Company in accordance
with the Company's ten per cent rolling incentive stock option
plan. The Options were granted at an exercise price of $1.40 per share for a five (5) year term expiring
March 6, 2029. The Options are
subject to certain vesting provisions as determined by the board of
directors of the Company and in accordance with the policies of the
TSX Venture Exchange (the "Exchange"). The Options are subject to
restrictions on resale until July 7,
2024, in accordance with the Exchange policies.
Additionally, the Company announces the cancellation of
2,285,000 options with an exercise price of $6.35 per share granted on May 13, 2022 and expiring on May 13, 2027, and 1,843,750 options with an
exercise price of $6.88 per share
granted on April 25, 2021 and
expiring on April 25, 2026 (the
"Cancelled Options"). A total of 225,000 of the Cancelled
Options belonged to an Insider of the Company. Under the Exchange
policies, no new options may be granted to that Insider for a
period of twelve (12) months from the date of cancellation.
About ReconAfrica
ReconAfrica is a Canadian oil and gas company engaged in the
opening of the newly discovered deep Kavango Sedimentary Basin in
the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum
licenses comprising ~8 million contiguous acres. In all aspects of
its operations ReconAfrica is committed to minimal disturbance of
habitat in line with international standards and will implement
environmental and social best practices in all of its project
areas.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding
Forward-Looking Statements:
Certain statements contained in this press release constitute
forward-looking information under applicable Canadian, United States and other applicable securities
laws, rules and regulations, including, without limitation,
statements with respect to the future vesting or exercise of stock
options into common shares. These statements relate
to future events or future performance.
The use of any of the words "could", "intend", "expect", "believe",
"will", "projected", "estimated" and similar expressions and
statements relating to matters that are not historical facts are
intended to identify forward-looking information and are based on
ReconAfrica's current belief or assumptions as to the outcome and
timing of such future events. There can be no
assurance that such statements will prove to be accurate, as the
Company's actual results and future events could differ materially
from those anticipated in these forward-looking statements as a
result of the factors discussed in the
"Risk Factors" section in the Company's
annual information form dated December 4,
2023, available under the Company's profile at
www.sedarplus.ca. Actual future results may differ
materially. Various assumptions or factors are typically applied in
drawing conclusions or making the forecasts or projections set out
in forward-looking information. Those assumptions and factors are
based on information currently available to ReconAfrica. The
forward-looking information contained in this release is made as of
the date hereof and ReconAfrica undertakes no obligation to
update or revise any forward-looking information, whether as
a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of
the risks, uncertainties and assumptions contained herein,
investors should not place undue reliance on forward-looking
information. The foregoing statements expressly qualify any
forward-looking information contained herein.
SOURCE Reconnaissance Energy Africa Ltd.
