Acacia Coal Limited (ASX:AJC) entered into an agreement to acquire Coalvent Limited from its founders for AUD 4.3 million on October 17, 2016. Under the terms of the agreement, Acacia will acquire all of the shares of Coalvent and thereby gain the right to acquire 74% of Riversdale Anthracite Colliery, with the remaining 26% to be acquired by African Onca Pty Limited. As consideration to the sellers, Acacia will issue 250 million ordinary shares of Acacia, 250 million performance shares converting into fully paid ordinary Acacia shares upon the earlier to occur of i)Acacia commencing development following being granted the necessary operational water licenses and completing a bankable feasibility study that supports economic mining activity at the Colliery and ii) Acacia selling all or part of the 74% interest in the Colliery for cash consideration of at least AUD 50 million, and 350 million performance shares converting into fully paid ordinary Acacia shares upon the earlier to occur of i) Acacia achieving commercial production, defined as three consecutive months of sales totalling 40,000 tonnes of product per month from the Colliery and ii) Acacia selling all or part of the 74% interest in the Colliery for cash consideration of at least AUD 70 million.

As a part of the agreement, Coalvent's Hugh Callaghan, Robert Scott, Peet Snyders and Filippo Faralla will join Acacia with Hugh Callaghan to serve as the Managing Director and Robert Scott to serve as the Finance Director and Acacia will appoint an in-country management team on agreed terms. In March 2017, Hugh Callaghan and Robert Scott were appointed as Directors of Acacia and Peet Snyders as Chief Operating Officer and Filippo Faralla as General Manager of Strategy & Marketing. The transaction is subject to the completion of due diligence, Acacia's shareholders approvals, s11 Ministerial consent, regulatory approvals and completion of the capital raising. Nicholas Read and Paul Armstrong of Read Corporate acted as public relations' advisors to Acacia Coal Limited.

Acacia Coal Limited (ASX:AJC) cancelled the acquisition of Coalvent Limited from its founders on December 13, 2017. As a part of the termination, Acacia has entered into an Exit Deed with Coalvent and the other related vendors and its associated parties whereby they have agreed to unwind Acacia's option to acquire a 74% interest in the RAC Project. In addition, Hugh Callaghan and Rob Scott who are directors of Coalvent, have also agreed to resign from their position as directors of Acacia. Argonaut Limited acted as financial advisor to Acacia Coal Limited.