Silverfish Resources Inc. (CNSX:SF) entered into a share purchase agreement to acquire the Aruba Project in Botswana from One Bullion Limited for CAD 28.83 million on March 6, 2023. In consideration, Silverfish Resources will issue 13 million common shares to the Seller at a deemed price of CAD 0.175 per share. The Consideration Shares will be subject to a voluntary lock-up period pursuant to which 10% of the Consideration Shares held by the Seller will be released on the Closing and 15% will be released every six months thereafter, with the final release to occur 36 months following the Closing.

Closing of the Acquisition is subject to various conditions including approval by the applicable authorities in Botswana. One Bullion is completing the process of transferring the prospecting licenses comprising the Property into the Subsidiary, and transaction is anticipated will be completed by April 30, 2023. As of September 11, 2023, the Company is intending to complete the acquisition of Red Ridge Mining Pty Ltd. from One Bullion Ltd. within five business days.

Red Ridge is the owner of a 100% interest in the Aruba Project located in Botswana, which will become a wholly-owned subsidiary of Silverfish.