Pilbara Minerals Limited (ASX:PLS) signed an implementation deed to acquire Altura Lithium Operations Pty Ltd. for approximately $180 million on October 26, 2020. Pilbara Minerals Limited entered into a share sale agreement to acquire Altura Lithium Operations Pty Ltd. on November 30, 2020. Under the terms of the transaction, Pilbara will pay an upfront cash consideration of approximately $160 million and a deferred consideration of $20 million upon the successful completion of the transaction and payable 12 months after the signing of the share sale agreement which will be paid through the issuance of approximately 69 million shares at an issue price of $0.29034 (AUD 0.40720). Pilbara Minerals has also proposed a deed of company arrangement to Clifford Rocke and Jeremy Nipps in their capacity as administrators of Altura, under which Pilbara Minerals will now contribute $4.42 million to a DOCA fund, principally in support of the entitlements owing to those Altura employees who have been made redundant by the receivers following the Altura Project being placed into care and maintenance to mitigate operational cash losses. The upfront cash consideration will be funded through a combination of future equity capital raising which is being supported by binding equity funding commitments from both AustralianSuper Pty Ltd in its capacity as trustee for AustralianSuper and Resource Capital Fund VII L.P. for a total of approximately $170 million (AUD 240 million) and and existing cash reserves. The transaction is subject to approval of the DOCA Proposal at a meeting of ALO creditors during December 2020 and completion thereafter of the proposed $170 million (AUD 240 million) equity raising by Pilbara Minerals Limited. The second creditors meeting at which creditors will vote on the DOCA Proposal is expected to occur on or before December 11, 2020. The senior secured loan noteholders of Altura have agreed to vote in favour of the DOCA Proposal. If the DOCA Proposal is not approved, under the implementation agreement announced on October 28, 2020, Pilbara Minerals Limited and the loan noteholders have agreed to proceed with Pilbara Minerals Limited acquisition of the Altura Project by changing from a share sale agreement to an asset sale agreement with the receiver. Completion of the asset sale is not conditional on the DOCA Proposal being approved. Assuming Pilbara Minerals Limited is successful in acquiring the Altura Project through the receivership process, Pilbara Minerals Limited would then expect that the share sale agreement would be executed in early December 2020. The implementation deed contains a break fee equal to 2% of total consideration, which is payable both ways in certain circumstances. As of December 11, 2020, the creditors of Altura Lithium Operations Pty Ltd has approved the transaction at the second meeting of creditors. As of December 14, 2020, Pilbara completed the equity raising and launched entitlement offer. As of December 16, 2020, completed institutional entitlement offer. Total of approximately $45.97 million raised under the Institutional Entitlement Offer at $0.27 per New Share following on from the recently completed cornerstone placement of $89.69 million. Retail Entitlement Offer to raise approximately a further $45.22 million completing an overall equity funding package of $180 million. Retail Entitlement Offer to be open from December 18, 2020 to January 11, 2021.The DOCA has been signed by Pilbara Minerals Limited, Altura Lithium Operations, the Receivers and Clifford Rocke and Jeremy Nipps in their capacity as administrators of Altura Lithium Operations. As of January 14, 2021, completion of transaction is scheduled to take place on or before January 22, 2021. Macquarie Capital (Australia) Limited acted as financial advisor while Geoff Simpson, Kenneth Chen and Peter Wilkes of Allen & Overy acted as legal advisor to Pilbara Minerals in the transaction. KordaMentha has been appointed as receiver of Altura Mining Limited.