WOGC Moves Towards Acquisition of Terra Metals Inc.

Waskahigan Oil & Gas Corp (WOGC) has entered into a non-binding letter of intent to acquire Terra Metals Inc (TMI) and its subsidiaries. This Proposed Transaction includes the acquisition of Zamsort Limited and Central African Renewal Energy Ltd, both based in Zambia. As part of the deal, WOGC will consolidate its common shares on a four-for-one basis and issue 42.16 million post-consolidation shares at a deemed price of CAD 0.50 per share.

The acquisition necessitates several changes including a name change to Terra Metals (Canada) Inc, a new board of directors, and the spinout of Fox Creek Energy Ltd. This reverse takeover is subject to various conditions including regulatory approvals and completion of due diligence by the end of October 2024.

Upon finalization, the transaction will transition WOGC from oil and gas to a focus on copper and cobalt mining in Africa. The transaction, still requiring certain approvals, marks a potential shift in WOGC's business direction.