Bocana Resources Ltd. signed a non-binding letter of intent to acquire United Hunter Oil & Gas Corp. (TSXV:UHO) in a reverse merger transaction for CAD 4.6 million on August 7, 2020. Bocana Resources Ltd. entered into a definitive agreement to acquire United Hunter Oil & Gas Corp. in a reverse merger transaction on March 26, 2021. The proposed transaction will take the form of a business combination between United Hunter Oil & Gas and Bocana Resources whereby securities of United Hunter Oil & Gas and Bocana Resources will be exchanged on a 1:1 basis for an equivalent security of the resulting issuer (other than Bocana Resources shares or United Hunter Oil & Gas shares held by shareholders who exercise their dissent rights, if applicable). Subject to terms in the transaction and Exchange approval, United Hunter will acquire 1 resulting issuer common share for every 1.6877 shares of United Hunter. Bocana Resources Ltd. has 51.6 million common shares issued and outstanding and United Hunter Oil & Gas Corp has 24.8 million common shares issued and outstanding. Post closing, United Hunter Oil & Gas Corp. shareholders will own 14.7 million or 22.48% resulting issuer common shares and the holders of Bocana shares will own approximately 50.6 million or 77.52% of resulting issuer common shares. Pursuant to the terms of letter of intent, it is intended that United Hunter Oil & Gas Corp. and Bocana Resources Ltd. will enter into a definitive agreement pursuant to which the proposed transaction will be completed by way of a share exchange, merger, amalgamation, arrangement or other similar form of transaction. The final structure of the business combination is subject to receipt by the parties of tax, corporate, and securities law advice and will be agreed to and superseded by a definitive agreement. In addition, upon execution of letter of intent, United Hunter Oil & Gas Corp. advanced to Bocana Resources Ltd. an unsecured loan in the principal amount of CAD 0.02 million. As per filing on January 12, 2021 United Hunter Oil & Gas announced a non-brokered private placement offering (the “Offering”), for up to CAD 2.5 million, with a lead order from Palisades Goldcorp Ltd. The Offering shall consist of CAD 2 million in subscription receipts of Bocana and CAD 0.5 million in units of Bocana. The Subscription Receipts and units shall each be priced at CAD 0.10. As on February 22, 2021, United Hunter Oil & Gas announced an additional RRSP & TFSA eligible CAD 0.5 million offering in units of United Hunter at a price of CAD 0.06 per United Hunter Oil & Gas unit. The resulting issuer will carry on the business of Bocana Resources Ltd. as currently constituted and will be listed for trading on the TSX Venture Exchange as a Tier 2 mining issuer and the Frankfurt Stock Exchange under the name Bocana Resources Gold and Silver Corp., or such other name as the parties may agree. As of October 21, 2021, Bocana has largely completed its required audited statements for the purposes of the Transaction. This includes the audits of both Bolivian entities (Huiracocha International Service, SRL and Inversiones Bocana S.A.), along with Bocana and UHO, and the consolidated financials of the Resulting Issuer. Additionally, Bocana and UHO submitted the initial documents for the purposes of the Transaction, together with a draft joint information circular to the TSX Venture Exchange ("Exchange") for their initial review of the proposed Transaction. Upon completion of the Amalgamation, the resulting issuer will be known as "Bocana Resources Corp." (the "Resulting Issuer") and the Resulting Issuer will continue the business of Bocana.

Concurrent with the completion of the transaction, it is expected that other than Timothy J. Turner and Rodney Stevens, all directors and officers of United Hunter Oil & Gas will resign and the directors and officers of the Resulting Issuer will include Timothy J. Turner – Chief Executive Officer, President and Director; Rodney Stevens - Independent Director; Christian Shomber - Independent Director; David Thompson – Director; Miles Nagamatsu – Chief Financial Officer and Director; and Dale Burstall – Corporate Secretary. Following completion of the Business Combination, the current management and directors of Bocana will remain as directors of the Resulting Issuer. Additionally, Miles Nagamatsu will join the Resulting Issuer as Chief Financial Officer and Director, and Eldon C. Shomber will join the Resulting Issuer as a director. Dale Burstall will remain as Corporate Secretary of the Resulting Issuer. The transaction is subject to Bocana Resources Ltd. completing open private placement offering of up to 5 million shares to raise gross proceeds of up to CAD 0.5 million, final approval of TSX Venture Exchange, execution of the definitive agreement, approval of Directors of United Hunter Oil & Gas Corp. and Bocana Resources Ltd., satisfactory completion of due diligence, regulatory approval, approval of board of directors of United Hunter Oil & Gas and Bocana Resources, conversion of outstanding debts of CAD 307,886 into 5,131,433 common shares and the approval of the shareholders of United Hunter Oil & Gas Corp. and Bocana Resources. The Bocana Amalgamation Resolution and Bocana Continuance Resolution must be approved at the Bocana Meeting by at least 66?% of the votes cast by all Bocana Shareholders present in person or represented by proxy and entitled to vote at the Bocana Meeting. United Hunter Oil & Gas Corp. will be seeking majority of the minority approval of the transaction at a meeting of its shareholders. The board of directors of Bocana unanimously (Timothy J. Turner abstaining) recommends that Bocana Shareholders vote IN FAVOUR of the transaction. The meeting of shareholders of Bocana is also scheduled to be held on November 4, 2022, immediately after the UHO Meeting, at 10:30 a.m. (Calgary time) to approve the Amalgamation on behalf of Bocana Shareholders. As of October 6, 2022, the Exchange provided conditional approval of the Amalgamation. As of November 7, 2022, United Hunter Oil & Gas Corp. shareholders approved the transaction. The shareholders of Bocana also approved the transaction at their meeting of shareholders. The transaction is expected to close by November 30, 2020. As of November 25, 2020, the Board of Directors of the United Hunter Oil & Gas Corp. has approved extending the completion of the proposed transaction from November 30, 2020 to April 30, 2021. As of March 26, 2021, the transaction is expected to close in July 2021. Computershare Trust Company of Canada acted as transfer agent to UHO and Bocana shares.

Bocana Resources Ltd. completed the acquisition of United Hunter Oil & Gas Corp. (TSXV:UHO) in a reverse merger transaction on December 29, 2022. It is anticipated that the common shares in the capital of Bocana will commence trading on the TSXV under the symbol "BOCA" on or about January 5, 2022. Upon completion of the transaction, certain directors and officers of UHO resigned from their positions and the following individuals were appointed as directors and officers of Bocana: Timothy J. Turner – Chief Executive Officer and Director, Miles Nagamatsu – Chief Financial Officer and Director, David Thompson – Director, Eldon C. Shomber – Director, and Rodney Stevens – Director.