Zimbabwe Lithium Company (Mauritius) Limited entered into a binding letter of intent to acquire Chimata Gold Corp. (CNSX:CAT) in a reverse merger transaction on December 27, 2017. Zimbabwe Lithium Company (Mauritius) Limited entered into a definitive share exchange agreement to acquire Chimata Gold Corp. (CNSX:CAT) in a reverse merger transaction on October 17, 2018. As per the terms of the agreement, Chimata shall, pursuant to the first phase of the transaction, issue to Zimbabwe Lithium’s shareholders an amount of 9.2 million common shares from its share capital, representing an aggregate of 19% stake in Chimata. In return, Chimata will subscribe for 755 shares in Zimbabwe Lithium, representing an aggregate of 19% stake in Zimbabwe Lithium. The second phase of the contemplated transaction has now been triggered with the production of the resource estimate by Zimbabwe Lithium Company in respect of the Kamativi Tailings(the “Resource Estimate”) published on September 20, 2018. The second phase of the transaction involves Chimata Gold acquiring the remaining equity ownership of Zimbabwe Lithium Company. As a result of the transaction and the concurrent financing, the ultimate shareholding of Zimbabwe Lithium's shareholders will be between 70% and 80% in Chimata. In a related transaction, Chimata undertook to complete two separate financings, out of which, one comprised of a debenture financing consisting of up to CAD 2 million aggregate principal amount of 12% convertible unsecured subordinated debentures due on the maturity date, being five years from the date of issuance. The principal amount of each debenture will be convertible, at the option of the holder, into common shares of Chimata at a price of CAD 0.10 per common share. The other financing transaction comprised of an equity financing for gross proceeds of up to CAD 0.2 million consisting of units of Chimata issued at a price of CAD 0.10 per unit. Each unit comprised of one common share of Chimata and one common share purchase warrant. Each whole warrant entitled its holder to purchase one common share at a price of CAD 0.20 for a period of 24 months from the closing date. CAT Strategic Metals Corporation anticipates closing the entire targeted amount of the private placement of CAD 0.5 million in subsequent tranches by the end of February 2019 and the proceeds from the Private Placement will be used to finance its contemplated transaction with Zimbabwe Lithium Company. The transaction is subject to shareholders approval and final acceptance of the transaction is subject to regulatory and Canadian Securities Exchange approval. Zimbabwe Lithium Company (Mauritius) Limited cancelled the definitive share exchange agreement to acquire Chimata Gold Corp. (CNSX:CAT) in a reverse merger transaction on June 28, 2019. Zimbabwe Lithium Company (Mauritius) Limited terminated the second phase and definitive agreement.