- Ookami (OOK) has agreed to purchase interests in two African mineral exploration projects, Boulbi and Messok East
- The company will purchase a 57 per cent interest in Valhalla Minerals and 100 per cent shares in Cameron Cobalt
- To pay for the purchase, Ookami will be undertaking a $5.7 million placement to investors at 20 cents per share
- The transactions will transform the company to a Central and West Africa mineral explorer, but still need shareholder approval
- Ookami share price is suspended and last traded for 2.2 cents
Ookami (OOK) has agreed to purchase interests in two African mineral exploration projects, Boulbi and Messok East.
To secure the interests, the company will purchase a 57 per cent interest in Valhalla Minerals and 100 per cent shares in Cameron Cobalt.
Valhalla is the holds 90 per cent of Sahel Minerals, which is the registered holder of Boulbi Project, an advanced copper exploration project located in the Tambacounda Region in Senegal.
Cameroon Cobalt owns Cameroon Mining, which holds the Messok East project, a nickel and cobalt project in the southeast of Cameroon.
To pay for the purchase, Ookami will undertake a $5.7 million placement to investors at 20 cents per share.
The transactions will significantly change the nature and scale of the company’s activities and transform it into a Central and West Africa mineral explorer. However, all of this still needs shareholder approval.
If everything goes to plan, Ookami will change its name to “Panthera Metals.”
Boulbi Project
The Boulbi Project includes one exploration permit for copper and related minerals, covering 316 square kilometres. The permit was granted in January 2018 and is valid for four years.
Boulbi is located in the Tambacounda region of eastern Senegal.
Messok East
Messok East also includes one exploration permit for copper, nickel and associated substances, such as gold, chrome, lead and zinc.
The project covers 456 square kilometres and is located close to the Nkamouna Cobalt Nickel Manganese Project. The permit was granted in April 2020 and is valid for three years.
Ookami share price is suspended and last traded for 2.2 cents.