July 28, 2020 – Vancouver, BC – Renaissance Oil Corp. (“Renaissance” or the “Company”) (TSX-V: ROE) (OTCQB: RNSFF) announces that, effective June 1, 2020, it had retained Haywood Securities Inc. (“Haywood”) as its financial advisor to provide financial advisory services (the “Services”) to the Company.
As consideration for the Services provided by Haywood, the Company agreed to pay Haywood an advisory fee of C$100,000 to be satisfied by the issuance of common shares of the Company (the “Shares”) at a deemed price of C$0.06 per Share (being the closing price of the Company’s common shares on the TSX Venture Exchange (“TSXV”) on July 24, 2020 (being the date on which the Services were completed and the date on which Haywood’s engagement ended)).
The Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws and are subject to the acceptance of the TSXV.