Well, something was decided down in Mexico this past weekendRenaissance Oil closes $5-million debenture financing 2019-03-06 20:28 ET - News Release Mr. Craig Steinke reports RENAISSANCE CLOSES C$5 MILLION PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES Renaissance Oil Corp. has closed a non-brokered private placement of secured convertible debentures in the aggregate principal amount of $5-million. The debentures have a term of five years, maturing on March 6, 2024, and bear interest, payable on a quarterly basis at the company's option: (i) in cash at a rate of 8 per cent per annum; (ii) in kind at a rate of 10 per cent per annum by the issuance of common shares of the company issued at the greater of the 30-day volume weighted average trading price (VWAP) of the common shares on the TSX Venture Exchange or the primary exchange on which the common shares are traded, prior to the issuance date; or (iii) a combination thereof. The debentures are convertible at the holder's option into common shares at a price of 25 cents per common share, being a ratio of 4,000 common shares per $1,000 principal amount of debentures. After March 6, 2021, and until the maturity date, the company may force the conversion of any or all of the debentures at the conversion price if the 30-day VWAP of the common shares on the TSX-V or the primary exchange on which such common shares are traded has been at least $1 for at least 50 of the 60 consecutive trading days immediately preceding the exercise of such conversion right. The debentures are not redeemable before the maturity date. Except in connection with a company conversion, the company may not prepay all or any part of the debentures prior to the maturity date without the prior written consent of the holders. The offering took place by way of a private placement to qualified investors in such provinces of Canada where the offering could lawfully be made. Pursuant to Canadian securities laws, any securities issued in the offering, including the common shares issued in payment of the finder's fee, are subject to a hold period of four months plus one day from the date of issuance. The net proceeds of the offering will be used to aid in the company's continuing efforts in securing oil and gas rights in Mexico, to finance capital expenditures, and for general corporate purposes. In connection with the offering, the company paid a finder's fee equal to 5 per cent of the aggregate gross proceeds from the offering, satisfied by the issuance of common shares calculated using the closing price of the common shares on the TSX-V on March 4, 2019. Renaissance continues to make progress on its journey to become a major Mexican energy producer.