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Africa Energy Announces Special Meeting of Shareholders

Source: www.gulfoilandgas.com 9/21/2020, Location: Africa

Africa Energy Corp. announces that a Special Meeting of Shareholders (the “Special Meeting”) will be held in Canada on Thursday, October 15, 2020 at 9:00 am (Pacific Time) at Suite 2000, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8, in order to approve matters related to the recently announced transactions with Impact Oil & Gas Limited (“Impact”) and Arostyle Investments (RF) Proprietary Limited (“Arostyle”) through which the Company will increase its effective interest in Block 11B/12B offshore South Africa from 4.9% to 10% (the “Transactions”), subject to various consents and approvals.

The Company has received conditional approval from the TSX Venture Exchange (the “TSXV”) in respect of the Transactions. Closing is expected to take place within the next thirty (30) days pending satisfaction of the closing conditions in respect of the Transactions, including final approval of the TSXV and disinterested shareholder approval at the Special Meeting. The Company will provide a further update once closing of the Transactions has taken place or as may otherwise be required in accordance with the policies of the TSXV and applicable law.

At the Special Meeting, Shareholders will be asked to consider and, if deemed appropriate, approve an ordinary resolution as set forth in the management information circular dated September 18, 2020 (the “Circular”), relating to the approval of Impact becoming a “Control Person” (as defined in the policies of the TSXV) of the Company and approving the terms of the Transactions. Impact will be considered a Control Person under the policies of the TSXV as it will hold more than 20% of the outstanding voting shares of Africa Energy upon completion of the Transactions.

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