Manuka Resources Limited (ASX:MKR) entered into a Binding Term Sheet to acquire Trans-Tasman Resources Limited for AUD 32.2 million on August 1, 2022. Under the terms of binding term sheet, Manuka will acquire all of TTR for the issue of up to approximately 180 million new Manuka shares (equating to approximately 37.5% of the fully diluted issued Manuka shares on completion). At the election of some of the vendors of TTR shares and options, it is possible that Manuka will instead issue up to approximately 175 million new shares and 12 million options exercisable into new Manuka shares at $0.35 per new options. TTR founders and executive chairman commit to 18-month voluntary escrow for the Manuka consideration securities they will receive. Post completion of the acquisition, Highly experienced directors, John Seton (formerly Summit's Chair and current TTR director) and Alan Eggers director) and Alan Eggers will be valuable additions to the Manuka board of directors and will join the board on completion of the proposed acquisition. The proposed acquisition of TTR by Manuka is subject to a number of conditions precedent, including the entry by the parties into long form transaction documentation, receipt by Manuka of any necessary regulatory or other third party approvals and approval by Manuka shareholders under and in accordance with ASX Listing Rule 7.1. As of September 22, 2022, Shareholders approved the acquisition by Manuka Resources of all of the issued equity capital of Trans-Tasman Resources Limited. As of November 3, 2022, New Zealand Petroleum and Minerals approved the transaction and the transaction is expected the complete in the next seven days.

Manuka Resources Limited (ASX:MKR) completed the acquisition of Trans-Tasman Resources Limited on November 11, 2022.