Middle East Diamond Resources Limited entered into a Heads of Agreement to acquire Casa Mining Limited from Chun Can Capital Group (OTCPK:CNCN) on November 6, 2020. Middle East Diamond Resources will acquire all the issued shares of and claims in Casa for 170 million shares in MEDR as consideration. Claims against Casa will be settled by issuing 85 million shares to Arc Minerals.

MEDR will Change its name from MEDR to a suitable name agreed by all parties. Transaction is subject to MEDR obtaining irrevocable voting undertakings from MEDR shareholders in respect of 65% of MEDR shares, approval by shareholders of MEDR of the Transaction, Approval of the waiver of mandatory offer by MEDR shareholders. After the issue of MEDR of the shares, Chun Can will hold 45.4% of MEDR's share capital, which will trigger a mandatory offer to minorities per section 123 of the Companies Act, 2008.

A waiver of such mandatory offer will be sort by shareholders of MEDR, holding more than 50% of the general voting rights; Approval of the Reverse Listing by MEDR shareholders; Casa obtaining any third party approvals in order to implement the Reverse Listing; Obtaining the necessary regulatory approvals including TRP, JSE and the Financial Surveillance Department of the South African Reserve Bank; and MEDR concluding a due diligence to its satisfaction on Casa and the Akyanga gold deposit.