ReconAfrica Enters into Investor Relations Consulting Agreement

Source: 5/16/2022, Location: Africa

Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) is pleased to announce that it has retained C. Matthew Warder (doing business as Seawolf Research) to provide investor relations services to the Company pursuant to a consulting agreement (the “Agreement”).

Mr. Warder, who is based in Severn, Maryland, is an energy, metals, and mining analyst with nearly two decades of experience covering the natural resource and industrial sectors. As founder and CEO of management consultancy and financial analytics firm Seawolf Research, he provides investment and consulting services to clients across multiple sectors with a pronounced focus on energy, metals, mining, and industrial supply chains.

Prior to forming Seawolf, Mr. Warder spent several years as Director of Energy with the Capital Research Group, and nearly a decade as Principal Analyst at global energy/metals/mining research consultancy Wood Mackenzie – now part of Verisk Analytics.

In his role with the Company, Mr. Warder will be responsible for providing business development and product development services, aimed at penetrating specified target markets, as well as other ad hoc projects as requested by the Company from time to time (collectively, the “Services”).

The Agreement provides for an initial term of one year and is subject to review once every three months, at which time, either party may terminate the Agreement by providing at least 30 days advance written notice. Under the Agreement, the Company will pay Mr. Warder US$17,500 per month and reimburse him for expenses incurred in relation to the performance of the Services. The Company has also agreed to grant Mr. Warder options to purchase an aggregate of 200,000 common shares of the Company in accordance with the terms of the Company’s stock option plan, with the specific terms of such options being subject to the approval of the board of directors of the Company.

Prior to entering into the Agreement, Mr. Warder had no interest, directly or indirectly, in the Company or its securities and acted at arm’s length to the Company. The consideration to be paid by the Company to Mr. Warder under the Agreement is for services only.

The Company announces the retirement of Anna Tudela, Corporate Secretary. We would like to thank Anna for her valuable contributions to the ReconAfrica team since joining the Company in January, 2020. Anna will certainly be missed and we offer her our best for future adventures during her retirement.

Stock Option Grants
Pursuant to the Company’s stock option plan, the Company has granted to directors, officers and consultants stock options to purchase an aggregate of 5,715,000 common shares of the Company at a price of C$6.35 per share for a period of five years, expiring on May 15, 2027.

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