Padbury Mining Limited (ASX:PDY) entered into an agreement to acquire Yogi Mine Project tenements from Ferrowest limited (ASX:FWL) for AUD 0.75 million on February 16, 2015. The transaction is subject to shareholder approval and settlement of the transaction which is expected to close in the next 10 days. According to the agreement, AUD 7.01 million deferred exploration expenditure carried forward relating to the Yogi Mine Project will be written off. The transaction is subject to the approval of Ferrowest limited and approval of the Minister for Mines to transfer the Mining Leases. The approval of approval of the Minister for Mines to transfer the mining leases has been received. As of January 21, 2015, the Board of Ferrowest recommends the shareholders to vote in favor of the transaction. As of February 23, 2015, the shareholders of Ferrowest approved the transaction. The transaction is expected to complete within ten days of sale and purchase agreement. The proceeds from the sale will be used to retire debt, search for new mineral projects, exploration on existing projects and for working capital reserves. Padbury has requested that the settlement occur on or before March 10, 2015.

Padbury has requested that the settlement occur on or before March 31, 2015.

As of April, 7, 2015, Ferrowest issued a notice of default to Padbury requiring settlement be completed to which Padbury said that settlement will occur in the near future, sale of the Yogi Mine Project to Padbury Mining Limited was scheduled to settle on March 31, 2015, but this has not yet occurred, Board decided to extend the closing date.

Padbury Mining Limited (ASX:PDY) cancelled the acquisition of Yogi Mine Project tenements from Ferrowest limited (ASX:FWL) on April 14, 2015.