Pure Minerals Limited (ASX:PM1) entered into a term sheet to acquire Queensland Pacific Metals Pty Ltd for AUD 6.1 million on February 24, 2019. Under the terms of the transaction, Pure Minerals Limited will issue 33.3 million shares as consideration on completion, AUD 0.5 million in cash and 366.6 million shares as deferred consideration. The deferred consideration shares will be issued in four installments on achieving certain performance milestones. Upon completion of the transaction, John Downie, Director at Queensland Pacific will be appointed on the board of Pure Minerals. The transaction is subject to shareholders’ approval of Pure Minerals Limited, third party approvals, consummation of due diligence and regulatory approvals. The Board of Pure Minerals Limited unanimously decided the transaction. Pure Minerals Limited's shareholders' approval meeting will be held on May 1, 2019. Pure Minerals Limited (ASX:PM1) completed the acquisition of Queensland Pacific Metals Pty Ltd on May 15, 2019. As part of the transaction, John Downie, Director at Queensland Pacific has been appointed on the Board of Pure Minerals Limited effective May 13, 2019. Lincoln Ho has tendered his resignation from the Board of Pure Minerals Limited.