I believe the LIKELY Suspect would be the VENDOR of the Recent KALAHARI Copper Belt
ACQUISITION
Trigon Metals Closes Acquisition of Kalahari Copperbelt Project in Namibia
V.TM | March 14, 2024
Trigon Metals Inc. (TSX-V: TM; OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce that it has completed the acquisition of Base Metal Investments and Services (“Base Metal”), a private Mauritius domiciled company, that holds an option (the “Copperbelt Option”) to acquire up to a 70% stake in the Kalahari Copperbelt Project (the “Transaction”). The Copperbelt Option provides Trigon the right to attain up to 70% interest in Copperbelt Exploration (Pty) Ltd. (“Copperbelt”) which wholly owns the Kalahari Copperbelt Project (the “Project”). Please see the Company’s November 29, 2023 press release for further details.
Concurrently with the closing of the Transaction, Copperbelt has acquired a 25% equity interest in Copperbelt (the “Initial Acquisition”).
As consideration for the Transaction, Trigon has issued to Commodity Makers International (“Commodity Makers”), the sole shareholder of Base Metal, 13.6 million Trigon common shares and will issue 1.6 million Trigon common shares to Commodity Makers on each of the six, 12, 18 and 24 month anniversaries of today’s date, for an aggregate total number of 20 million Trigon common shares.
As consideration for the Initial Acquisition, Trigon, on behalf of Base Metal, has paid USD$60,000 to Ongwe Minerals (PTY) Ltd., the vendor of Copperbelt, and has committed to funding USD$1M in exploration expenditures on the Project over the next 24 months.
Each of the Transaction and Initial Acquisition is an arm's length transaction under the policies of the TSX Venture Exchange (the “Exchange”). Mr. Rennie Morkel is a director and officer of Commodity Makers and Mr. Andreas Rompel and Mr. Grant Sboros have provided consulting services to Commodity Makers. Messrs Morkel and Rompel are now officers of Trigon and Mr. Sboros has joined Trigon’s board of directors.