Northwire Canada EditionThursday, October 15, 2026
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M&A / Property

RTO SPA Terminated: Mumena Mushinge, Brian Chasala, Terra Metals Inc. and Terra Metals Limited Failed to Provide Necessary Due Diligence Information and Failed to File CSE Application

By The Northwire Desk — AI Analysis Dec 16, 2025 · 12:00 WOGC · 0.175 Waskahigan Oil & Gas Corp.
WOGC · Price

Executive Summary

  • The Share Purchase Agreement (SPA) between Waskahigan Oil & Gas Corp. and the TMI Parties terminated on November 7, 2025 due to missed due‑diligence deliveries and unpaid fees.
  • The TMI Parties dispute the termination; arbitration is required but no dates have been set.
  • No CSE listing application was filed, and the proposed transaction will not be completed by the February 15, 2026 target date.

Key Details

  • Parties to SPA: Waskahigan Oil & Gas Corp. (CSE:WOGC) and Terra Metals Inc. (Delaware), Terra Metals Limited (Zambia), Lunda Resources Ltd., Central African Renewable Energy Corp. Ltd., Mumena Mushinge, Brian Chisala (“TMI Parties”).
  • Amendments: SPA amended on 2025‑06‑16, 2025‑07‑31, and 2025‑10‑24 (effective 2025‑09‑15).
  • Key Conditions & Deadlines:
  • Due‑diligence information required by Nov 7 2025; failure would terminate SPA.
  • Option to extend termination date to Nov 21 2025 required $15,000 US payment on Nov 7 2025.
  • If extended, further due‑diligence deadline of Nov 21 2025 with optional extension to Dec 15 2025 (requiring additional $15,000 US).
  • CSE listing application required by Dec 15 2025 if extensions exercised and total $30,000 US paid.
  • Failures:
  • TMI Parties did not provide due‑diligence information by either Nov 7 or Nov 21 2025.
  • No election to extend termination dates was made; no payments of $15,000 (or $30,000) were tendered.
  • CSE listing application was not filed by Dec 15 2025.
  • Termination: SPA terminated as of Nov 7 2025, subject to any relief from forfeiture or arbitrator decision.
  • Dispute: TMI Parties dispute the termination; arbitration is mandated per SPA but no arbitration schedule has been set.
  • Future Completion Target Missed: Original completion deadline was Feb 15 2026; now unattainable under current circumstances.

Notable Quotes

(No executive quotes were included in the release.)

Read the original news release →

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