Supernova Metals Corp. has expanded into Namibia’s offshore energy sector with the acquisition of NamLith Resources Corp., securing a 12.5% equity interest in Westoil Limited.
Westoil holds a 70% stake in Petroleum Exploration License (PEL 107), situated in the Orange Basin, a region recognized for its untapped oil and gas potential.
The acquisition, completed through a definitive share exchange agreement, involves Supernova acquiring all outstanding shares of NamLith in exchange for 15 million common shares, subject to resale restrictions. The shares will be released in phases tied to exploration and technical reporting milestones.
“This acquisition marks a significant step in Supernova’s strategy to expand its presence in the offshore petroleum sector. The Orange Basin offers promising growth potential, and we are eager to capitalize on NamLith’s stake in Westoil,” said Supernova CEO Sean McGrath.
Under the terms of the agreement, half of the consideration shares will be unlocked following the completion of a business acquisition report and a minimum C$50,000 exploration expenditure on Supernova’s existing licenses. An additional 25% will be released upon commissioning a technical report for PEL 107, with the final 25% unlocking after the report’s filing.
Supernova stated that the acquisition does not constitute a fundamental change to its operations or governance, with no alterations to its management or board. The company remains at arm’s length from both NamLith and Westoil, and no finder’s fees were involved in the transaction.
“This deal strengthens our position in a high-potential offshore region and aligns with our broader strategy of driving shareholder value through strategic acquisitions and exploration initiatives,” McGrath added.
