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Reconnaissance Energy (Africa) Ltd V.RECO

Alternate Symbol(s):  RECAF | V.RECO.WT | RCNWF

Reconnaissance Energy Africa Ltd. is a Canada-based oil and gas company. The Company is engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana. The Company holds interest in a petroleum exploration license no. 0073 (PEL 73) in northeast Namibia and an interest in petroleum exploration rights in northwest Botswana over the Kavango Sedimentary Basin. The Company's exploration license covers an area of approximately 25,341.33 square kilometers (km2) (6.3 million acres) of oil and/or gas exploration properties comprising Blocks 1719, 1720, 1721, 1819, 1820 and 1821 situated in the Kavango Basin of northeast Namibia (the Namibia Licensed Property) and approximately 7,592 km2 (1.88 million acres) in Botswana (the Botswana Licensed Property). The two licenses together comprise over 32,933 km2 (8 million acres).


TSXV:RECO - Post by User

Post by Oregonduckon May 22, 2022 12:53pm
244 Views
Post# 34701210

It is all legal

It is all legal

Reco underwent a reverse takeover Qualifying Transaction (QT) with Lund Enterprises in 2019. 

In the QT, 14 million Escrow shares (seed shares) were issued from the treasury. In addition, there was a non-brokered private placement of 17 million shares @ 25 cents with 17 million warrants attached @ 50 cents. In the latest filings, Steinke now holds about 2.4 million shares and Park (no longer insider) has 3 million shares.

It would be illegal to provide misleading promotional interest in any listed companies to drive up the stock price for insiders to unload their stock. 


The Co has guaranteed "bulletproof" commerciality by year-end and, if not, it would be actionable.
 

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