Supernova Metals Corp. acquired an 8.75% indirect ownership interest in Block 2712A in the Orange Basin offshore Namibia, under PEL 107.
The acquisition was through a share exchange agreement on January 3, 2025, with Namlith Resources Corp.
NamLith Resources Corp. controls a 12.5% equity interest in Westoil Limited, which controls a 70% interest in PEL 107.
Supernova Metals Corp. agreed to issue NamLith an aggregate of 15 million common shares.
The consideration shares are not expected to be subject to restrictions on resale.
The company is at arm’s length from NamLith, its shareholders, and Westoil.
The transaction will not constitute a fundamental change for the company but will not result in a shift in control of the company.
No changes will be made to the board of directors or management of the company in connection with the completion of the transaction.
No finder’s fee is payable in connection with the completion of the transaction.
The completion of the transaction remains subject to several conditions, including NamLith having outstanding liabilities that do not exceed US$50,000 at closing, receipt of any required regulatory approvals, and delivery of customary closing documents.
On February 6, 2025, Supernova Metals Corp. engaged 05 Management Ltd. UK and Pioneer Oil and Gas Consulting Ltd. to prepare a NI51-101 technical report on PEL 107.
