Okapi Resources Limited entered into a share sale agreement to acquire Panex Resources WA Pty Ltd from Panex Resources Inc. (OTCPK:DBGF) for AUD 0.03 million on June 16, 2017. Panex Resources Inc. will assign all outstanding debts and obligations owed by Panex Resources WA Pty Ltd to Panex Resources Inc. to Okapi Resources Limited. As at May 31, 2017, Panex Resources WA Pty Ltd had total assets of AUD 0.02 million, and net liabilities of AUD 0.008 million.

The transaction is subject to Okapi Resources Limited raising not less than AUD 4.5 million through the issue of shares at AUD 0.2 per share and receiving approval from the ASX to achieve official quotation. All conditions precedent to the agreement were satisfied on September 25, 2017.