In August 2020, Impact Oil & Gas signed definitive agreements for its indirect interest in Block 11B/12B offshore South Africa, held through its wholly owned subsidiary, Impact Oil & Gas SA Blocks 11B-12B Limited, being consolidated under Africa Energy Corp. and Impact becoming a major shareholder in Africa Energy.

At a special meeting last week 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 and applicable securities laws as it will hold more than 20% of the outstanding voting shares of Africa Energy upon completion of the Transactions.

Africa Energy anticipates completion of the Transactions in the coming weeks, subject to satisfaction of all conditions precedent, including receipt of final approval of the TSXV. 

KeyFacts Energy: Africa Energy South Africa country profile   l   Impact South Africa country profile