Welcome!

News Feed Item

San Antonio Ventures Inc. Announces Closing of Reverse Take-Over With R2 Energy Ltd.

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/04/14 -- San Antonio Ventures Inc. ("San Antonio", or the "Company") (TSX VENTURE:SAN) is pleased to announce that it has closed its previously announced reverse take-over (the "RTO") with R2 Energy Ltd. ("R2") pursuant to which the shareholders of R2 were issued two common shares of San Antonio for every one R2 common share held immediately prior to the completion of the RTO and all convertible securities of R2 were exchanged for convertible securities of San Antonio on the same basis.

Pursuant to the terms thereof, each of the 19,166,666 initial subscription receipts issued by R2 on July 31, 2014 in its previously announced $5.75 million private placement have been converted into pre-consolidated 19,166,666 units of San Antonio and 19,166,666 subscription receipts of San Antonio (each, a "Subscription Receipt"). The Company has received $2,875,000 plus interest from escrow. Each San Antonio unit consists of one common share of San Antonio and one pre-consolidated common share purchase warrant, entitling the holder thereof to purchase one additional San Antonio common share at a price of $0.25 until July 31, 2019.

The Company's currently issued and outstanding 75,140,272 common shares (after giving effect to the RTO) will resume trading on the TSX Venture Exchange ("TSXV") on September 5, 2014. The Company's 19,166,666 pre-consolidated warrants will begin trading on the TSXV under the symbol "SAN.WT" at this time as well.

In connection with the RTO, each of Kenneth Phillippe, Stephen Kenwood and Thomas Dyakowski resigned as directors of the Company. Messrs. Craig Steinke, Ian W. Telfer and Gordon Keep were appointed as directors of the Company and Chris Dyakowski remains as a director. In addition, Craig Steinke was appointed Chief Executive Officer of the Company and Jeremy Crichton was appointed Chief Financial Officer of the Company.

The annual and special meeting of shareholders (the "Meeting") of the Company is scheduled to be held on September 12, 2014. At the Meeting, shareholders will be asked to approve, among other things: (i) a change in the Company's name to "Renaissance Oil Corp."; and (ii) a consolidation of the Company's issued and outstanding common shares on a two for one basis.

After the Meeting, the Subscription Receipts will convert into pre-consolidated San Antonio units and the Company will receive the balance of $2,875,000 plus interest from escrow. Then, the San Antonio common shares will be consolidated on a two for one basis and the name and symbol will change. After giving effect to the consolidation, the Company will have 47,153,469 common shares, 19,166,666 warrants and 3,901,000 stock options issued and outstanding. Each post-consolidated warrant entitles the holder thereof to acquire one common share of Renaissance Oil Corp. at a price of $0.50 until July 31, 2019.

The Company has been advised that Craig Steinke currently holds on a pre-consolidated basis 10,292,808 common shares, representing 13.70% of the issued and outstanding 75,140,272 common shares of the Company, 1,600,000 stock options, representing 20.51% of the outstanding options, 166,666 warrants, representing 0.87% of the outstanding warrants and 166,666 subscription receipts, representing 0.87% of the outstanding subscription receipts. Mr. Steinke would hold 12,392,806 common shares, representing 16.04% of the then-issued and outstanding shares of the Company on a partially diluted basis, assuming exercise of all convertible securities held by Mr. Steinke. Mr. Steinke has ownership and control over these securities.

The Company has been advised that Ian Telfer currently holds on a pre-consolidated basis 13,520,456 common shares, representing 17.99% of the issued and outstanding 75,140,272 common shares of the Company, 1,000,000 stock options, representing 12.82% of the outstanding options, 1,520,256 warrants, representing 7.93% of the outstanding warrants, 1,520,256 subscription receipts, representing 7.93% of the outstanding subscription receipts, and 1,200,000 common shares of the Company which are subject to a private call option held by Mr. Telfer. Mr. Telfer would hold 20,281,224 common shares, representing 24.76% of the then-issued and outstanding shares of the Company on a partially diluted basis, assuming exercise of all convertible securities held by Mr. Telfer. Mr. Telfer has ownership and control over these securities.

The Company has been advised that Casey Capital Strategies, LLC ("CCS"), together with its joint actors, has ownership and control of, on a pre-consolidated basis, 8,000,000 common shares, representing 10.65% of the issued and outstanding 75,140,272 common shares of the Company, 4,000,000 warrants, representing 20.87% of the outstanding warrants, and 4,000,000 subscription receipts, representing 20.87% of the outstanding subscription receipts. CCS, together with its joint actors, would have ownership and control of 20,000,000 common shares, representing 22.95% of the then-issued and outstanding shares of the Company on a partially diluted basis, assuming exercise of all convertible securities held.

A copy of the early warning reports relating to the above holdings will be available under the Company's profile on SEDAR at www.sedar.com.

ABOUT RENAISSANCE

Renaissance is in the business of identifying, acquiring and developing a diversified shale and mature field portfolio in Mexico, Spain and other strategic countries, with its present principal focus being the investigation of shale and mature field prospects in Mexico, pursuant to its memorandum of understanding with Halliburton Energy Services, Inc. In Spain, Renaissance was the successful bidder on various land positions in certain sedimentary basins. The awarding of permits are now at varying stages of processing. Renaissance conducts its Spanish business, through its 40%-owned Spanish subsidiary, Montero Energy Corporation, S.L. The Company also plans to continue its exploration and development program at its 100% owned Fame Gold Property in south-central British Columbia.

SAN ANTONIO VENTURES INC.

Craig Steinke, Chief Executive Officer

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the commencement of trading of the common shares and warrants of the Company and the composition of the Company's board of directors following the Meeting. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, but are not limited to, the Company's inability to secure shareholder approval required to approve the matters to come before shareholders at the Meeting.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Craig Steinke
Chief Executive Officer
Tel: 604-536-3637

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...