VANCOUVER, BC, Oct. 15, 2020 /CNW/ - Africa Energy Corp. (TSX
Venture: AFE) (Nasdaq First North Growth Market: AEC) ("Africa
Energy" or the "Company") held its special meeting of shareholders
in Vancouver, British Columbia today. View PDF
version.
At the special meeting, disinterested shareholders were asked to
consider and, if deemed appropriate, approve matters related to the
recently announced transactions with Impact Oil & Gas Limited
("Impact") and Arostyle Investments (RF) Proprietary Limited
("Arostyle") through which the Company will increase its effective
interest in Block 11B/12B offshore South
Africa from 4.9% to 10%, subject to certain consents and
approvals (collectively, the "Transactions").
Shareholders overwhelmingly approved, with 99.91% of
shares represented at the meeting voting in favour of the ordinary
resolution as set forth in the management information circular
dated September 18, 2020, 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 (the "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.
About Africa Energy Corp.
Africa Energy Corp. is a Canadian oil and gas company with
exploration assets offshore South
Africa and Namibia. The
Company is listed in Toronto on
TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market
(ticker "AEC"). Africa Energy is part of the Lundin Group of
Companies.
Important information
This information is information that Africa Energy is obliged
to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact persons set out above on October
15, 2020 at 2:00 p.m.
EDT.
The Company's certified advisor on Nasdaq First North
Stockholm is Pareto Securities AB, +46 8 402 5000,
certifiedadviser.se@paretosec.com.
Forward looking statements
Certain statements contained in this press release constitute
forward-looking information, including timing for completion of the
Transactions, obtaining final TSXV approval in respect of the
Transactions and the completion of such Transactions. These
statements relate to future events or the Company's future
performance, business prospects and opportunities, which are based
on assumptions of management.
The use of any of the words "will", "expected", "planned" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of certain future events.
These forward-looking statements involve risks and uncertainties
relating to, among other things, changes in oil prices, results of
exploration and development activities, including results, timing
and costs of seismic and drilling activity in the Company's area of
operations and, uninsured risks, regulatory changes, defects in
title, availability of funds required to participate in the
exploration activities, or of financing on reasonable terms,
availability of materials and equipment, timeliness of government
or other regulatory approvals, actual performance of facilities,
availability of third party service providers, equipment and
processes relative to specifications and expectations and
unanticipated environmental impacts on operations. Actual future
results may differ materially. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to the Company. The forward-looking information contained
in this release is made as of the date hereof and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information.
Neither 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.
SOURCE Africa Energy Corp.
