IDM International Ltd. entered into a binding scheme implementation deed to acquire Blackstone Minerals Limited (ASX:BSX) in a reverse merger transaction for AUD 20.4 million on February 5, 2025. The consideration consists of common equity of IDM International Ltd. at a ratio of 7.4 per common equity of Blackstone Minerals Limited. Upon completion, shareholder composition of Blackstone shareholders holding 47% of the merged entity and IDM shareholders holding 53%.

The transaction is subject to approval of offer by acquirer shareholders, approval of offer by target shareholders, subject to court approval and third party approval needed. The board of director of IDM International Ltd unanimously recommend that all IDM shareholders vote in favour of the Scheme. Following completion of the merger, Blackstone Minerals Limited will invite existing IDM International Ltd director, Geoff Gilmour, to join the Board. On completion, each of Frank Bierlein, Ms Alison Gaines and Mr Dan Lougher will resign as Directors of Blackstone Minerals Limited. The transaction is expected to close on May 20, 2025. As of June 10, 2025, the transaction is expected to close on June 18, 2025. On June 17, 2025, Supreme Court of Western Australia has approved the the scheme of arrangement.

Steinepreis Paganin acted as legal advisor to Blackstone Minerals Limited, Johnson Winter & Slattery acted as legal and Discovery Capital Partners Pty Ltd acted as financial advisor to IDM International Ltd. Automic Finance Pty Ltd acted as registrar to Blackstone Minerals Limited.