Sintana Energy Inc. (TSXV:SEI) entered into a definitive agreement to acquire 49% stake in Giraffe Energy Investments (Pty) Ltd. from Crown Energy (Pty) Ltd. for $2 million on April 24, 2024. Under the terms of agreement, the Acquisition is structured as an initial purchase of 49% of the issued and outstanding shares of Giraffe from Crown Energy which, prior to the Acquisition was the owner of 100% of the issued and outstanding shares of Giraffe, for cash consideration of $2 million. Further, Sintana retains an option to increase its ownership up to 67% of Giraffe anytime over the 5 years following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment at the time of exercise of $1 million. The Company proposes to fund the cash consideration from resources on hand. The Acquisition provides Sintana with an attractive entry into a high impact license with significant upside. In conjunction with the Acquisition, an 8% interest in Giraffe?s common equity will be contributed to a community trust.

The Acquisition remains subject to the satisfaction of various closing conditions and the receipt of all applicable approvals, including, without limitation, the approval of the TSX Venture Exchange. TSX Venture Exchange has accepted for filing a purchase and sale agreement dated April 24, 2024.

Sintana Energy Inc. (TSXV:SEI) completed the acquisition of 49% stake in Giraffe Energy Investments (Pty) Ltd. from Crown Energy (Pty) Ltd. on June 10, 2024.