Chijin International (HK) Limited agreed to acquire Central African Gold Ghana Ltd from Resolute Mining Limited (ASX:RSG) for approximately $110 million on December 14, 2020. The consideration is in cash which will be payable as $5 million deposit on signing the agreement and $100 million on completion. The parties have agreed under the agreement that Resolute will not participate in any discussions for competing offers for Bibiani (unless a failure to do so would constitute a breach of the fiduciary duties of the directors). Resolute is required to notify Chifeng if any superior proposal is received for Bibiani, following which Chifeng has 20 business days to match the offer. If Chifeng does not match the offer, either Chifeng or Resolute may terminate the agreement, upon which a break fee of $10 million will be payable by Resolute. The break fee is also payable by Resolute if Chifeng terminates the agreement due to a breach by the Company of its obligations under the agreement. The transaction is not expected to result in any immediate changes to employment or contract relationships at Bibiani with Chifeng seeking to retain all existing local employees in future activities. As on October 31, 2020, reported total assets of $80.049 million and net assets of $-22.111 million. The transaction is subject to approval by Ghana's Minister of Lands and Natural Resources, Australia's Foreign Investment Review Board (FIRB) and various Chinese governmental approvals, there being no material changes in laws, regulations, policies or practice which will lead to an adverse impact on the value of the Mensin Bibiani Pty Ltd group holding Bibiani by an agreement threshold, a change in the Ghanaian Government's free carry interest in Bibiani or the royalties payable in respect of Bibiani and Ghana's Minister of Lands and Natural Resources providing a confirmation letter to Chifeng regarding specific matters relating to Bibiani, including the status of the mining lease for the project and all payments relating to the project being up to date. The transaction is approved by the Board of Chifeng Jilong Gold Mining Co.,Ltd. (SHSE : 600988). Approval for the transaction has been received from Australia’s Foreign Investment Review Board with additional approvals required from Chinese Authorities and the Ghanaian Government. These approvals are expected to occur during the first quarter of 2021. The Ghanaian Government objects to the purported sale or transfer to Chifeng and the creation of any interest in the mine to Chifeng or any third party will be deemed invalid without the express prior approval of the Government. Proceeds from the sale will be used to repay debt and strengthen Resolute’s balance sheet. Cutfield Freeman & Co. Ltd. and Treadstone Resource Partners Pty Ltd acted as financial advisor and Michael Ng, Scott Gibson, Ryan Gava and Sarah Urquhart of Thomson Geer acted as legal advisors to Resolute Mining Limited. CCB International Capital Limited acted as financial advisor and Zhong Lun Law Firm and HWL Ebsworth Lawyers Pty Ltd. acted as legal advisor to Chifeng Jilong Gold Mining parent of Chijin International (HK) Limited. Chijin International (HK) Limited cancelled the acquisition of Central African Gold Ghana Ltd from Resolute Mining Limited (ASX:RSG) on April 19, 2021. Resolute Mining Limited will refund the deposit of $5 million to Chijin International (HK) Limited within five business days of the termination. According to the written notice from Resolute Mining and the relevant documents provided, the Minister of Land and Natural Resources of Ghana issued a letter on April 12, 2021 to restore the mining lease, but the restoration of the mining lease is subject to specific conditions disclosed on April 15, 2021. Therefore, there is uncertainty as to whether and when the above-mentioned specific conditions can be met. Therefore, the validity and legality of the core asset mining lease of the transaction has been substantially affected.