GIM Australia Pty Ltd entered into a share sale agreement to acquire Macarthur Iron Ore Pty Ltd. from Macarthur Minerals Limited (OTCPK:MMSD.F) for AUD 6 million in cash on October 13, 2015. Under the terms of the agreement, AUD 6 million will be paid in cash on completion. The transaction is subject to satisfactory results of due diligence, approval of the Australian Foreign Investment Review Board and the TSX venture exchange, approval of shareholders of Macarthur Minerals, and acquisition by GIM of another project owned by an unrelated third party. The Board of Directors of Macarthur Minerals Limited unanimously approved the transaction. The transaction can be terminated if the conditions are not satisfied by December 31, 2015. The meeting of the shareholders of Macarthur Minerals will be held on October 21, 2015. GIM Australia received conditional approval of the TSX Venture Exchange for the transaction. On November 13, 2015 Glass Lewis, independent third party proxy advisory service to Macarthur recommended the shareholders to vote in favor of the transaction in the general meeting due on November 26, 2015. As on November 26, 2015, shareholders of Macarthur Minerals Limited approved the transaction. The sale is moving towards completion and is due for financial close by December 11, 2015.

The transaction has been approved by Australian Foreign Investment Review Board and TSX-Venture Exchange. The requirement of a geological Report has been waived by the buyer. The transaction is also conditional on the transaction being completed by December 11, 2015. As of December 14, 2015, GIM and Macarthur have agreed to extend the period for financial close to December 31, 2015. As of January 4, 2016, the financial close of the transaction has been extended to January 31, 2016. Hanrick Curran provided a fairness opinion and valuation, Laurel Hill Advisory Group, LLC acted as proxy solicitor, Computershare Investor Services Inc. acted as transfer agent to Macarthur Minerals.

GIM Australia Pty Ltd cancelled the acquisition of Macarthur Iron Ore Pty Ltd. from Macarthur Minerals Limited (OTCPK:MMSD.F) on January 31, 2016.