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LONDON - Oscillate PLC has agreed to revised terms for its acquisition of Kalahari Copper Limited, expanding the deal to include copper assets in Namibia alongside the previously announced Botswanan portfolio, according to a press release statement issued Thursday.
The updated non-binding Heads of Terms would give Oscillate a pathway to 100% ownership of Kalahari’s Namibian Copper Project, comprising four licenses covering 1,106km² in the Kaoko Basin, positioning the company as one of the largest acreage holders in the region.
The Namibian assets have already undergone over 8,000 meters of drilling, with multiple copper mineralizations identified. Recent drilling campaigns in 2024 revealed several high-grade copper intersections, including sections with copper percentages ranging from 1.1% to 1.9%.
The acquisition also includes Kalahari Copper’s Botswanan project with 17 licenses in the Kalahari Copper Belt and Bushman Lineament, areas adjacent to operating mines owned by major producers.
Under the revised terms, Oscillate will issue shares equivalent to 30% of its outstanding ordinary shares upon signing the share purchase agreement. The cash component has increased from £1.5 million to £2.0 million, payable within 10 business days of relisting on a more senior exchange.
Additional consideration includes milestone payments of £1.5 million each upon achieving key development stages for both the Namibian and Botswanan projects, a 1.9% net smelter royalty on copper sold from any licenses, and options granted to the seller for up to 6% of Oscillate’s capital post-flotation.
The exclusivity period for the deal expires October 31, 2025, with completion subject to satisfactory due diligence, regulatory approvals, and other customary conditions.
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