Acumen Diamonds (Proprietary) Limited entered into non-binding agreement to acquire Kalahari Licences from Raven Energy Limited (ASX:REL) on August 3, 2018. Acumen Diamonds (Proprietary) Limited will pay 1.5% net royalty over the Kalahari Licences to Raven Energy Limited. The transaction is subject to the parties entering into a legal binding sale and purchase agreement and the execution of royalty deed. The agreement will contain conditions and clauses customary for transactions of this nature and otherwise to be agreed between the parties. These agreements will be finalized during the September quarter. The transaction is also subject to, Raven Energy Limited ensuring that the Kalahari Licences are in good standing, including all rents, fees, rates and other payments being paid up to the date of completion; Acumen undertaking to, for the duration of the royalty agreement relating to the Kalahari Licences; the execution of royalty deed; and each party obtaining any approvals as required to give effect to the transaction.