On April 12, 2017, Renaissance Oil Corp. closed the second and final tranche of its brokered private placement of 5,400,000 units, issued upon exercise of the agents’ option, at a price of $0.25 per unit, for aggregate gross proceeds of $1.35 million. Combined with the first tranche, Renaissance issued an aggregate of 50,270,000 units, for aggregate gross proceeds of approximately $12.6 million.
The offering was conducted by a syndicate of agents led by Haywood Securities Inc. and including Beacon Securities Limited and Canaccord Genuity Corp.
The net proceeds of the offering will be used to aid in Renaissance's ongoing efforts in securing oil and gas rights in Mexico, to fund capital expenditures and for general corporate purposes.
Cassels Brock acted for Renaissance with a deal team composed of Jennifer Traub and Jennifer Poirier (Securities and Mining).