VANCOUVER, British Columbia — December 18, 2025 — Leads & Copy — One Bullion Limited (TSXV: IGP), formerly Imperial Ginseng Products Ltd., has finalized its business combination with One Bullion Limited (“OBL”), a private gold exploration company based in Toronto, Ontario, with projects in Botswana, Africa.
Shares of One Bullion are expected to commence trading on the TSX Venture Exchange under the symbol ‘OBUL’ on December 22, 2025.
The closing of the Transaction and Concurrent Financing of approximately $5.3 million positions One Bullion to accelerate exploration across its gold projects in Botswana’s Tati and Kraaipan Greenstone Belts. The company’s property spans approximately 8,004 km², and features three gold projects across two districts.
Adam Berk, Chief Executive Officer of One Bullion, said that closing the transaction, securing financing, and conditional approval for trading on the TSX Venture Exchange underscores investor confidence in the company’s assets and long-term strategy. He added that with a solid balance sheet and a supportive shareholder base, the company is well positioned to execute its exploration strategy and unlock the potential of its Botswana projects.
The Transaction was completed under the terms of a merger agreement dated September 11, 2024, as amended, between the Company, OBL and 1000975360 Ontario Inc. (“NewCo”). As part of the Transaction:
The company consolidated its issued and outstanding common shares on the basis of one new Common Share for every 1.25 old Common Shares.
The company changed its name to One Bullion Limited.
NewCo and OBL amalgamated to form a new wholly-owned subsidiary of the Company. The former shareholders of OBL received one Common Share (on a post-Consolidation basis) for each common share of OBL held, including all OBL Shares issued pursuant to the Concurrent Financing and upon the conversion of certain convertible debentures of OBL. Each share purchase warrant of OBL entitles the holder to receive one Common Share (on a post-Consolidation basis) in lieu of one OBL Share. Each option to purchase OBL Shares was cancelled, and all holders received replacement stock options of the Company.
In total, One Bullion issued 174,683,983 Common Shares (on a post-Consolidation basis) to the OBL Shareholders for their OBL Shares.
The brokered private placement of subscription receipts secured gross aggregate proceeds of $5,326,202. The net proceeds of the Concurrent Financing were deposited into escrow, pending satisfaction of specified release conditions. Each Subscription Receipt automatically converted into one OBL Share or one Common Share (on a post-Consolidation basis), as applicable, and one common share purchase warrant of OBL or the Company (on a post-Consolidation basis), as applicable. Each Warrant of OBL became exercisable to acquire one Common Share (on a post-Consolidation basis) at a price of $0.48 per share for two years from the date of issuance.
OBL and Imperial Ginseng Products Ltd. paid cash commissions of $55,977, with $35,977 paid to Sentinel Financial Management Corp. (“Sentinel”) and $20,000 paid to Ventum Financial Corp. (“Ventum”), and issued 211,049 compensation warrants, with 155,493 Compensation Warrants issued to Sentinel and 55,556 Compensation Warrants issued to Ventum. Each Compensation Warrant entitles the holder to acquire one Common Share (on a post-Consolidation basis) at an exercise price of $0.36 per share for two years following the closing of the Concurrent Financing.
The Transaction is subject to the final approval of the TSX Venture Exchange. The Common Shares are expected to commence trading on the TSXV under the symbol “OBUL” effective at the open of trading on December 22, 2025.
Computershare Investor Services Inc. will mail letters of transmittal to the holders of pre-Transaction Common Shares providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates.
Upon completion of the Transaction, each of the existing directors and officers of the Company resigned and Adam Berk (CEO and director); Arno Brand (COO and director); Sheldon Inwentash (director); Adrian Morante (director); Stuart Hensman (director); Peter Sheppeard (director); and Sohail Thobank (CFO and Corporate Secretary) were appointed in their place.
An aggregate of 24,026,719 Common Shares and 12,900,000 stock options were placed in escrow. In addition, 28,160,000 Common Shares to be issued to former shareholders of OBL are subject to seed share resale restrictions and 3,048,538 Common Shares to be held by certain shareholders of the Company are subject to voluntary resale restrictions under the terms of the Merger Agreement.
One Bullion Ltd. was established in 2018 and is headquartered in Toronto, Ontario. The Company owns three exploration projects covering 8,004 km² of land in Botswana.
Adam Berk, Chief Executive Officer, can be reached at 401 Spadina Ave. Suite 130 Toronto, ON, M5V 2L4, T: (917) 690-7556, E: info@onebullion.com. Jack Perkins or Valter Pinto of KCSA Strategic Communications can be reached at T:212-896-1254, E: OneBullion@kcsa.com.
Source: One Bullion Limited
