Waskahigan Oil & Gas Corp. and Terra Metals Inc. Join Forces in Major Share Purchase Agreement
In an exciting development within the oil and gas sector, Waskahigan Oil & Gas Corp. has announced a definitive share purchase agreement with Terra Metals Inc. (TMI-Del), a Delaware-based entity. This strategic move, effective May 16, 2025, is positioned as a transformative milestone for Waskahigan, a company that continues to make strides in building its portfolio.
The agreement encompasses a complex yet promising structure involving multiple subsidiaries across Zambia, including TMI-Zambia, Lunda Resources Ltd., and the Central African Renewable Energy Corp. Ltd. (CARE). By acquiring 100% of TMI-Del, Waskahigan is set to expand its reach in the Zambian market, particularly in the mining sector. The backdrop is that Zambia, with its rich mineral resources, is expected to play a significant role in Waskahigan’s growth strategy.
What’s intriguing about this agreement is that it will occur through a reverse takeover, which is becoming increasingly popular among startups aiming to enter public markets efficiently. But that’s not all; prior to the closing of the transaction, Waskahigan plans to undertake several key initiatives. These include the distribution of approximately 520,000 common shares as a dividend to its loyal shareholders who hold fewer than 4,000 shares, and a consolidation of its common shares on a one-for-four basis, which is sure to attract keen interest among investors.
In terms of the financials, Waskahigan intends to issue up to a staggering 42.16 million post-consolidated shares, valued at roughly .08 million Canadian. This pricing strategy is designed to facilitate a smooth integration of TMI-Del and its associated Zambian assets, which include critical mining licenses and exploration rights.
Of particular note is the 200-megawatt solar power project feasibility rights in Zambia’s Northern Province, underscoring Waskahigan’s commitment to renewable energy alongside traditional resource extraction. The ambitious agreement also involves provisions for a joint venture with Metalex Commodities Inc., which may further enhance the operational potential of Lunda and CARE through substantial investment.
As this agreement moves forward, it remains subject to several conditions, including due diligence and approvals from the Canadian Securities Exchange, with a target completion date by September 15, 2025. The shareholders of Waskahigan enthusiastically endorsed this agreement during their annual meeting, acknowledging the future benefits that this partnership with Terra Metals promises.
This pivotal move not only signals a promising future for Waskahigan but also shines a spotlight on Zambia’s potential in the global mining landscape—proving that collaboration and innovation can indeed go hand in hand for success.
Stay tuned for more updates as Waskahigan Oil & Gas Corp. embarks on this exciting new chapter!
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