Chesser Resources Limited (ASX:CHZ) executed a binding term sheet to acquire Erin Mineral Resources Pty Ltd. from MGC Pharmaceuticals Ltd (ASX: MXC) for AUD 0.36 million on April 3, 2017. In a related transaction, Chesser Resources executed a binding term sheet to acquire Boya Gold Pty Ltd. MGC Pharmaceuticals will receive 2.72 million Chesser Resources ordinary shares, 0.095 million 6 cent options, 0.095 million 10 cent options, 2.26 million class A performance shares, and 2.26 million class B performance shares as consideration for the sale of its 100% interest in Erin. For the acquisition of Boya and Erin Mineral, Chesser Resources will issue 28.57 million ordinary shares and these will be subject to an escrow period of 12 months from date of issue (2.38 million shares will not be subject to an escrow period).

The transaction is subject to obtaining all required regulatory and shareholder approvals on or before June 28, 2017 and completion of due diligence on or before April 20, 2017. Shareholder's meeting will be held on June 13, 2017. Shareholders of Chesser Resources Limited approved the transaction at EGM held on June 13, 2017. The transaction will close on June 16, 2017.

Chesser Resources Limited (ASX:CHZ) completed the acquisition of Erin Mineral Resources Pty Ltd. from MGC Pharmaceuticals Ltd (ASX: MXC) on July 12, 2017.