Wilshire Asset Management entered into an agreement to acquire the remaining 50% stake in Inglewood Gold Mining Company Pty Ltd from GBM Gold Ltd. (ASX:GBM) for AUD 8.6 million on September 30, 2014. Under the terms of the transaction, Wilshire agreed to pay the consideration of AUD 2.5 million in cash for 20% stake, as AUD 0.35 million on completion of the agreement, AUD 0.55 million on December 31, 2014, AUD 0.55 million on February 28, 2015, AUD 0.55 million on April 30, 2015 and AUD 0.55 million on June 30, 2015 with the payment obligation secured over Inglewood's assets. AUD 0.75 million was paid for deposit paid for the Beavis Project in August 2012, as current liability. AUD 0.75 million convertible notes paid in April and June 2014 that was classified as a financial liability in the GBM Group at 30 June 2014. Wilshire Asset Management will pay AUD 1.5 million and will assume loan liability of AUD 3 million for 30% stake in Inglewood Gold Mining. Also, all the liabilities of Inglewood Gold Mining Company including the Maradox loan of AUD 2.73 million as at 30 June 2014.

The deal is subject to GBM shareholders approval. The shareholders meeting of GBM Gold is scheduled to be held at November 12, 2014. The deal is expected to close in November 2014. The transaction is not expected to have a material impact on GBM's net assets. As of November 12, 2014, the transaction was unanimously approved by shareholders of GBM Gold.

Wilshire Asset Management completed the acquisition of remaining 50% stake in Inglewood Gold Mining Company Pty Ltd from GBM Gold Ltd. (ASX:GBM) on November 27, 2014. GBM Gold receives AUD 0.55 million second tranche payment on December 24, 2014. GBM Gold receives AUD 0.55 million third tranche payment on March 3, 2015. GBM Gold receives final payment of AUD 0.48 million on July 1, 2015.