HIGHLIGHTS FOR THE THREE MONTHS ENDED
- ReconAfrica completed a non-brokered private placement of 5,000,000 units of the Company at
$0.68 per unit for aggregate gross proceeds of$3,400,000 . - The Company completed the acquisition of a Crown 750 drilling rig for
US$1,800,000 and commenced retrofitting the rig for drilling in the Kalahari Desert. - ReconAfrica significantly strengthened its team via the addition of several key members of management and board appointees.
CEO'S MESSAGE
Following a landmark 2019 year in which the company completed an RTO and became listed on the
In response to the COVID-19 pandemic, which brought about travel bans and logistical restrictions, the Company deferred scheduled drilling activities to such a time as critical restrictions are lifted. Following the Namibian government's announcement that the country will begin to gradually reopen from
In the first quarter of 2020 ReconAfrica significantly bolstered its management team through the additions of
ReconAfrica is a junior oil and gas company engaged in the development of the newly discovered
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 Statements: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "planned", "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. 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
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