Southern Cross Exploration NL (ASX:SXX) entered into agreement to acquire CRG Mining LLC and SLV Minerals LLC from Robert Geydesen, Jacob Wilkinson, Lorrin Fulmer and others for $3.2 million on September 20, 2016. Under the terms, the consideration to be paid includes $0.2 million which will be held as escrow in cash on completion and $3 million to be paid no later than two years after completion of the acquisition. The consideration also includes royalty payments of $100 per ounce of gold produced from any mining operations conducted on the tenements up to a maximum of $7 million. The royalty payments are payable following the payment of the deferred consideration of $3 million. On October 19, 2016, Dateline Resources Limited (ASX:DTR) entered into a binding agreement to take assignment of the acquisition of 100% ownership of CRG Mining LLC and 100% of SLV Minerals LLC from Southern Cross Exploration NL (ASX:SXX). As of October 31, 2016, the Board of Directors of Dateline Resources (other than Stephen Baghdadi) recommend that shareholders vote for the transaction. The transaction is subject to conditions precedent including satisfactory completion of all due diligence, receipt of all regulatory approvals and third party consents, entry into all necessary third party agreements and a new lease in relation to the mining premises currently leased by CRG Mining in relation to the Gold Links Mine on terms satisfactory to Southern Cross Exploration. Lonergan Edwards & Associates Limited acted as financial advisor to Dateline Resources and concluded that the proposed acquisition is not fair but is reasonable to the non-associated shareholders of Dateline Resources.

Dateline Resources Limited (ASX:DTR) completed the acquisition of CRG Mining LLC and SLV Minerals LLC from uthern Cross Exploration NL (ASX:SXX) in 2016.