Pure Alumina Limited (ASX:PUA) entered into a non-binding term sheet to acquire Polar Sapphire Ltd. from a group of shareholders on December 3, 2018. Pure Alumina and Polar Sapphire have committed to work towards agreeing formal terms of a potential transaction on or before 31 January 2019. Pure Alumina Limited (ASX:PUA) signed a binding agreement to acquire Polar Sapphire Ltd. from a group of shareholders for CAD 25.8 million on March 21, 2019. Under the terms of agreement, Pure Alumina will pay CAD 12 million in cash and will issue CAD 13.75 million in shares. Pure Alumina will fund the transaction with AUD 30 million (CAD 28.35) million funding and is in discussion with debt advisors and equity brokers. As of April 23, 2019, Pure Alumina intends to raise AUD 1.25 million (CAD 1.21 million) in a partially underwritten share purchase plan to fund the transaction. Upon settlement of the transaction, the Board of Pure Alumina will be expanded to six members, comprising three each from Pure Alumina and Polar; Tom Eadie as Chairman, Scott Nichol as Managing Director, Robert Boston, Martin McFarlane, Tom Rand and Wayne Maddever as Non-executive Directors. All the technical team and management of Polar will be retained; Dan Smith as Vice President Operations and David Leavy as Vice President Finance and Marketing. The transaction is subject to a range of conditions including confirmatory due diligence, receipt of necessary shareholder approvals, raising million through a combination of debt and equity, progress towards Pure Alumina’s planned sale of its gold assets, other standard CPs for a transaction of this nature, third party and regulatory approvals. The transaction is also subject to executing a binding agreement setting out the terms of the proposed sale of Pure Alumina’s gold assets. As of April 1, 2019, the transaction, subject to regulatory and other approvals, is expected to reach completion in June. As of May 23, 2019, both Pure Alumina and Polar have completed the necessary financial, legal and technical due diligence. The conditions precedent are required to be satisfied by June 30, 2019. Approval from ASX is expected in July 2019, while shareholder meeting is scheduled on August 2019. The transaction is expected to close in the third quarter of the 2019 calendar year. As of June 17, 2019, the transaction is expected to close in August 2019. As of July 24, 2019, Polar Sapphire has agreed with Polar Sapphire to extend the acquisition agreement’s end date to September 30, 2019.