Bounty Mining Limited agreed to acquire Blackwater Coal Pty Ltd. and Caledon Coal Pty Limited from Caledon Overseas Holdings Ltd for AUD 31.5 million on October 23, 2017. As consideration, AUD 6.7 million will be paid on completion and the balance will be deferred and paid over 18 months. The acquisitions include all of the assets of Blackwater Coal Pty Ltd. and Caledon Coal Pty Limited, except for physical property associated with the Minyango Project. In a related transaction, Bounty Mining Limited also agreed to acquire assets associated with the Cook Colliery that had remained the property of Cook Resource Mining Pty Ltd, a subsidiary of Glencore Limited for a total of AUD10 million in deferred payments. Bounty Mining Limited has received firm commitments for a capital raising of AUD 17 million to finance the acquisition. The transaction is subject to a number of conditions precedent including completion of satisfactory due diligence, provision of satisfactory evidence that Bounty Mining Limited has sufficient funds to carry out its obligations under the acquisition agreement, receipt of the necessary third-party consents and other regulatory approvals, termination of marketing arrangements, receipt of written commitments and novation of agreements regarding terminal access, royalty arrangements, performance guarantees and provision of commercial services at the project and creditor and secured lender consents and confirmations and such consents and approvals not being withdrawn or revoked prior to completion. On 27 October 2017, the Queensland Supreme Court ruled in favour of PPB Advisory, granting them consent to sell the assets to Bounty Mining Limited without the consent of the secured creditors. This satisfies the deal condition in regard to secured lender consent. The transaction is expected to close on November 25, 2017. PPB Advisory was appointed as administrator for Caledon Overseas Holdings Ltd.