Catalyst Metals Limited (ASX:CYL) entered into a bid implementation agreement to acquire Vango Mining Limited (ASX:VAN) from Yanchao Guo, Zhenzhu Zhang, Shengqiang Zhou, Bruce McInnes, Jianhua Li and others for AUD 63.5 million on January 9, 2023. As per the terms, Vango shareholders will receive 5 Catalyst shares for every 115 Vango Shares they hold. The offer is conditional upon obtaining at least 70% of Vango shares.

As of February 15, 2023, the offer became unconditional. Vango board of directors unanimously recommended that Vango Shareholders accept the Offer without a superior proposal. Catalyst Metals Limited has completed the due diligence.

A break fee of AUD 1 million may also be payable by Vango in certain circumstances. The offer will close on February 20, 2023. As of February 10, 2023, the transaction is expected to close on March 6, 2023.

As of January 27, 2023, Catalyst convened its shareholders meeting on February 28, 2023. Catalyst will acquire any remaining shares after the offer's close, under the Act's compulsory acquisition provisions. The compulsory acquisition will be on the same terms as the offer Argonaut PCF Limited acted as a financial advisor, and Gilbert and Tobin acted as a legal advisor, Automic Group Pty Ltd acted as a share registrar to Catalyst Metals Limited.

Edwards Mac Scovell Legala acted as a legal advisor to Vango Mining Limited.