On August 13, 2025, Oregen Energy Corp. (formerly, Supernova Metals Corp.) (“Oregen”) completed its acquisition of all of the outstanding share of capital of the privately held Oranam Energy Limited (“Oranam”) in exchange for a one-time cash payment of USD$1,000,000 and the issuance of 22,000,000 common shares of Oregen. The acquisition proceeded under a share exchange agreement entered into between Oregen, Oranam, and each of the shareholders of Oranam dated May 12, 2025. The acquisition represented a fundamental change of Oregen pursuant to the policies and rules of the Canadian Securities Exchange.
Through the acquisition of Oranam, Oregen has acquired an additional 36.0% gross equity interest in WestOil Limited, a private company that owns a 70% interest in block 2712A offshore Namibia Orange Basin, one of the world’s most active offshore exploration frontiers, thereby increasing Oregen’s total net interest in block 2712A to 33.95%.
Concurrently, Oregen, together with wholly-owned subsidiary, 1541585 B.C. Ltd. (“FinanceCo”), completed a brokered private placement for aggregate gross proceeds of $3.6 million, comprised of: (i) 4,771,744 units of the company at a price of $0.36 per unit, issued under the ‘listed issuer financing exemption’, for aggregate gross proceeds of approximately $1.7 million; (ii) 5,326,228 units of FinanceCo at a price of $0.36 per unit of FinanceCo for aggregate gross proceeds of approximately $1.9 million.
The brokered private placement was led by Research Capital Corp. as lead agent and sole bookrunner on behalf of a syndicate of agents including Canaccord Genuity Corp. and Roth Canada Inc.
Cassels acted for Oregen with a deal team that included Sam Cole, Stefan Politano, Sean Baraich and Rachel Binder (Capital Markets, M&A and Energy), Corinne Grigoriu and Jocelyn Arnason (Tax & Trusts), and Saundra Johnson (Paralegal).