Windfire Capital Corp have announced that it has signed a letter of intent, dated July 24, 2017, with DMiner Asset Management Inc, pursuant to which Windfire proposes to acquire 91.5 per cent of the issued and outstanding shares of Riviera Mina Ltd, a company incorporated under the laws of the Commonwealth of The Bahamas, from DMiner
Riviera indirectly owns a 76.5 per cent interest in Petroleum Exploration License No. 0079 in relation to Blocks 2815 and 2915. The License is a strategically located off-shore petroleum exploration license with extensive technical studies already concluded, including 1137 km2 of 3D seismic covering a significant prospective resource, that offers a drill-ready, multiple zones, oil and gas target in the Orange Basin of Namibia. The remaining interest in the License is held by the National Petroleum Corporation of Namibia (Namcor) and local Namibian partners.
King Frans Indongo, a Namibian local partner and proposed director of Windfire, commented, "This transaction is expected to result in another major investment into the Namibian oil and gas sector and demonstrates the confidence that a globally respected company like Windfire and its management team has the immense potential for discovering oil or additional gas in Namibia. We will work closely with our Canadian partners not only with the goal of finding oil in Namibia but also in striving to ensure that we contribute to the advancement of the Namibian nation. Windfire brings capital expertise, leading technical experts with significant offshore discovery success, and a work program to lead to oil development in our great country. With our international partners, Namibia is well positioned to realize its goal of energy independence."
The Letter of Intent provides that, in consideration for the Acquisition, Windfire will pay a non-refundable deposit of US$150,000 to DMiner, issue 15,000,000 common shares of Windfire to DMiner, and pay an additional US$850,000 to DMiner in connection with the closing of the Acquisition. The Deposit will be paid upon approval of the TSX Venture Exchange. Under the Letter of Intent, the parties have also agreed to deal exclusively with each other until the earlier of 29 December 2017, entry into a definitive agreement with respect to the Acquisition, or termination of the Letter of Intent.
