RECONAFRICA ANNOUNCES STOCK OPTION GRANT

Rhea-AI Summary

On June 19, 2024, Reconnaissance Energy Africa (ReconAfrica) disclosed the grant of incentive stock options to directors, officers, employees, and consultants. These options allow the recipients to acquire a total of 5,800,000 common shares at an exercise price of $1.40 per share. The options are exercisable until June 19, 2029, and are subject to specific vesting provisions and resale restrictions until October 19, 2024, as per the TSX Venture Exchange policies.

Positive

• Incentive stock options granted to key personnel may improve motivation and retention.
• Total of 5,800,000 common shares at an exercise price of $1.40 each.

Negative

• Potential dilution of existing shareholders' equity due to the issuance of new shares.

CALGARY, AB, June 19, 2024 /PRNewswire/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) provides disclosure of incentive stock option grants.

Stock Option Grants

The Company announces that it has granted incentive stock options (the "Options") to certain directors, officers, employees, and consultants of the Company to acquire an aggregate of 5,800,000 common shares in the capital of the Company at an exercise price of $1.40 per share in accordance with the Company's Stock Option Plan. The Options are exercisable for a five-year term expiring June 19, 2029, and will be subject to certain vesting provisions as determined by the board of directors of the Company. The Options are subject to restrictions on resale until October 19, 2024, in accordance with the policies of the TSX Venture Exchange.

About ReconAfrica

ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising ~8 million contiguous acres. In all aspects of its operations ReconAfrica is committed to minimal disturbance of habitat in line with international standards and will implement environmental and social best practices in all of its project areas.

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 Note Regarding Forward-Looking Statements:

Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "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. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's annual information form dated December 4, 2023, available under the Company's profile at www.sedarplus.ca. 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.

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SOURCE Reconnaissance Energy Africa Ltd.

FAQ

What are the details of ReconAfrica's stock option grant announced on June 19, 2024?

ReconAfrica announced the grant of 5,800,000 incentive stock options at $1.40 per share, exercisable until June 19, 2029.

What is the exercise price for the stock options granted by ReconAfrica?

The exercise price for the granted stock options is $1.40 per share.

When do the stock options granted by ReconAfrica expire?

The stock options expire on June 19, 2029.

Are there any resale restrictions on ReconAfrica's newly granted stock options?

Yes, the stock options are subject to resale restrictions until October 19, 2024.