Darnley Bay Resources Ltd. (TSXV:DBL) signed a binding letter of intent to acquire Pine Point Holding Corp. from Tamerlane Ventures, Inc. for CAD 7 million on October 20, 2016. As on December 9, 2016, Damley and Tamerlane Ventures signed the definitive agreement for the acquisition. Under the terms of the transaction, Darnley Bay will pay an initial fee of CAD 0.05 million and issue 1.2 million common shares to KSV Kofman Inc. for the option to purchase a 100% interest in the property. Darnley Bay will make an additional payment of CAD 3 million on or before January 22, 2017 and issue an additional 23.9 million shares on or before January 22, 2017, on the condition KSV will re-distribute the common shares such that following the redistribution and completion of the financing no new shareholder in Darnley Bay will acquire more than 19.9% of the total amount of outstanding shares of Darnley Bay. The transaction will be financed with private placement of CAD 7.5 million. In case of financing being completed at a price below CAD 0.2 per common share, Darnley Bay will issue an additional 1.3 million shares to KSV for each CAD 0.01 below CAD 0.2, to a maximum additional consideration of 2.5 million common shares. As on December 9, 2016, Darnley Bay Resources Ltd. announced that the private placement financing, that shall be used for the transaction, has been increased to CAD 10 million. The transaction is subject to execution of a definitive agreement and certain closing conditions, including approval of the Ontario Superior Court of Justice and of the TSX Venture Exchange. As of December 16, 2016, the transaction was approved by the TSX Venture Exchange. As of December 19, 2016, the transaction was approved by the Ontario Superior Court of Justice. KSV Kofman Inc. is acting as court-appointed receiver of Tamerlane Ventures Inc. and Pine Point Holding Corp.