Aurenne Ularring Pty Ltd ('AUPL') made an offer to acquire Alt Resources Limited (ASX:ARS) from Harvest Lane Asset Management Pty Ltd, 31 May Pty Ltd and others for AUD 30.7 million on May 6, 2020. Under the terms, Aurenne will acquire 100% of the shares in Alt Resources for AUD 0.0505 per share, including Alt Resources shares issued upon the exercise of existing unlisted options and including 29.1 million Alt Resources shares to be issued upon receipt of shareholder approval or board approval (as required) as part of agreed performance incentives for Directors, key executives and staff. Aurenne also entered into a convertible note deed with Alt, lending Alt AUD 3.7 million, convertible into up to approximately 120 million ordinary shares in ALT. Aurenne Group Holdings Pty Ltd, parent of Aurenne Ularring will provide funding for the transaction through the funding arrangements by advancing a loan on an unsecured basis. Shareholder will be paid within one month after the later of the date of receipt of your acceptance and the date on which the offer becomes, or is declared, wholly unconditional, and, in any event, within 21 days after the end of the offer period. Aurenne Ularring Pty Ltd made commitment to provide AUD 3.7 million in financing via the issue of unlisted, unsecured convertible notes. AUPL proposes that the existing employment arrangements for Alt Resources employees will continue. The transaction is subject to a 90% minimum acceptance condition and other customary approvals including regulatory approvals. All options and performance shares must have been exercised and converted into Alt shares prior to the end of the offer. The Board, as part of a due diligence, will engage an Independent Expert to prepare a report and accordingly, advised that the shareholders should take no action at this stage. Aurenne Ularring Pty Ltd may compulsorily acquire all remaining Alt Resources Shares if the threshold is crossed: (i) a relevant interest in at least 90% of the Alt Resources Shares; and (ii) have acquired at least 75% of the Alt Resources shares that AUPL is offering to acquire under the offer (whether the acquisitions happened under the offer or otherwise). If these thresholds are met, AUPL will have up to one month after the end of the offer period within which to lodge a compulsory acquisition notice with ASIC and to send that notice to the ASX and Alt Resources’ shareholders who have not accepted the offer. Depending on AUPL's final level of ownership, the number of remaining Alt Resources shareholders after close of the offer, the level of trading in Alt Resources Shares and the costs associated with maintaining the listing, AUPL will seek to procure the removal of ASX quotation of Alt Resources shares from the official list of the ASX. Aurenne Ularring Pty Ltd announced their intention to delist the Alt Resources Limited and convert it to a private company as soon as practically possible. Alt Resources Limited has obtained relief from ASIC such that the required timeframe to send its target’s statement to holders of Alt Resources shares and options has been extended to July 24, 2020. This extension has been granted to permit Alt Resources Limited to send a target’s statement no later than 21 days after the date Alt Resources received notice that AUPL had sent its bidder’s statement to offerees in relation to the offer, being July 3, 2020. Alt Resources encourages that share and option holders take no action in relation to the offer by AUPL until they have received and considered the target’s statement. As on July 6, 2020, Aurenne Ularring Pty Ltd has commenced sending its bidder’s statement to holders of Alt Resources shares and options. As on July 16, 2020, Aurenne Ularring Pty Ltd has completed sending its bidder’s statement in respect of the offer to holders of Alt Resources shares and options. On July 17, 2020, Alt Resources Directors unanimously recommended shareholder to accept the offer, in the absence of a superior proposal. As on July 30, 2020, the tender offer will expire on August 21, 2020. AUPL also announced that it will remove all conditions for the offer if it receives sufficient acceptances by August 19, 2020, to satisfy 90% minimum acceptance condition. As of August 13, 2020, the first supplementary bidder's statement has been approved by the resolution of the Directors of Aurenne Ularring. As of August 20, 2020, AUPL declared its offer unconditional. As per filing dated August 26, 2020, Aurenne Ularring has exceeded the 90% acceptance threshold and will proceed with compulsory acquisition of the remaining ordinary shares in Alt Resources. The offer will run from July 3, 2020 to August 7, 2020. As on August 13, 2020, closing date of the offer has been extended to August 28, 2020. Alt Resources will use the proceeds in near term to fund exploration, project development and for working capital. Alt Resources has appointed Hartleys Limited as financial advisor and Steinepreis Paganin as legal advisor in relation to the offer. MinterEllison acted as legal advisor and Boardroom Pty Limited acted as registrar for AUPL. Sherif Andrawes and Adam Myers of BDO Corporate Finance (WA) Pty Ltd acted as fairness opinion provider to Alt Resources in the transaction for a fee of AUD 0.05 million. Valuation and Resource Management Pty Ltd was engaged by BDO to prepare an Independent Technical Assessment and Valuation report on the transaction.