Vytas Resources Pty Ltd executed a binding agreement to acquire Halcyon Resources Pty Ltd from Accelerate Resources Limited (ASX:AX8) on September 2, 2021. Under the terms, Vytas will issue 27.1 million shares equal to 33.3% stake of Vytas to Accelerate. Accelerate will make available AUD 0.25 million to Vytas for the purposes of progressing the Work Program. The transaction is subject to completing and being satisfied with its due diligence investigations and Accelerate obtaining shareholder approval. Accelerate and Vytas have also executed a shareholders agreement formalising Accelerate's rights as a shareholder of Vytas, which includes the right to appoint a director to the Vytas board. Vytas has appointed Yaxi Zhan to the board of Vytas as a Non-Executive Director. As on November 8, 2021, Accelerate Resources Limited held an Annual General Meeting of Shareholders in which transaction was approved.