Bannerman Energy Ltd (ASX:BMN) entered into a share purchase agreement to acquire 41.8% stake in Namibia Critical Metals Inc. (TSXV:NMI) from Adventure Resources Holdings (Pty) Ltd and Philco 192 (Pty) Ltd for AUD 8.9 million on May 18, 2022. On May 18, 2022, Bannerman entered into a share purchase agreement with Philco 192 (Pty) Ltd. (“Philco”) and Adventure Resources Holdings (Pty) Ltd. Pursuant to which Bannerman agreed to acquire 75,201,603 Common Shares from Philco and 7,089,077 Common Shares from Adventure, for an aggregate of 82,290,680 Common Shares. Total consideration payable by Bannerman to the Vendors for the Common Shares is comprised of a cash payment of AUD 7,236,179 (the “Cash Payment”) and the issuance of 8.463367 million Bannerman Shares. In the event that Bannerman does not obtain shareholder approval to issue the Bannerman Shares to the Vendors, Bannerman has agreed make an additional payment to the Vendors of AUD 2,412,059 in lieu of issuing the Bannerman Shares. Bannerman did not own any securities of Namibia Critical prior to entering into the Purchase Agreement. Upon completion of the transactions contemplated by the Purchase Agreement, Bannerman will own 82,290,680 Common Shares. The acquisition is anticipated to complete on June 20, 2022.

Bannerman Energy Ltd (ASX:BMN) completed the acquisition of a 41.8% stake in Namibia Critical Metals Inc. (TSXV:NMI) from Adventure Resources Holdings (Pty) Ltd and Philco 192 (Pty) Ltd on August 15, 2022.