Africa Energy gets shareholder approval for Total-operated Block offshore South Africa
19-10-2020 08:22:46 | by: Pie Kamau | hits: 1246 | Tags:

Africa Energy, Canadian oil and gas company with exploration assets offshore South Africa and Namibia received approval from the shareholders for a transaction through which it will increase its effective interest in Block 11B/12B offshore South Africa from 4.9% to 10%, subject to certain consents and approvals (Transactions).

Shareholders overwhelmingly approved, with 99.91% of shares, voting in favour of the ordinary resolution as set forth in the management information circular relating to the approval of Impact becoming a "Control Person" of the company and approving the terms of the Transactions. Impact will be considered a Control Person under the policies of the TSX Venture Exchange (TSXV) and applicable securities laws as it will hold more than 20% of the outstanding voting shares of Africa Energy upon completion of the Transactions.

The company anticipates completion of the Transactions in the coming weeks, subject to satisfaction of all conditions precedent, including receipt of final approval of the TSXV. The Company will provide a further update once closing of the Transactions has taken place or as may otherwise be required in accordance with the policies of the TSXV and applicable law.