Vector Resources Limited (ASX:VEC) executed a heads of terms agreement to acquire 60% stake in Adidi-Kanga Gold Project from Mongbwalu Goldfields Investment Limited for $29.2 million on December 21, 2017. Vector Resources Limited (ASX:VEC) executed a share sale and purchase agreement to acquire 60% stake in Adidi-Kanga Gold Project from Mongbwalu Goldfields Investment Limited for $29.2 million on July 24, 2018. Under the terms of the acquisition, Vector Resources Limited is required to make the payment in three tranches. First, within 10 business days of the satisfaction of the conditions precedent, the Vector must pay to Mongbwalu Goldfields $5 million in cash and at the Company’s discretion, either pay a further $5 million of cash or issue $5 million of Ordinary Shares in Vector. Second, within 30 days of a positive decision to mine for the Project, Vector must pay further $5 million in cash and at the Company’s discretion, either pay a further $5 million of cash or issue a further $5 million of Ordinary Shares in Vector based on a VWAP for the 10 trading days prior to the issue date and on the prevailing exchange rates. Third, within 10 days of the commencement of commercial sale of gold from the Project, Vector must pay $5 million in cash and at the Company’s discretion, either pay a further $5 million of cash or issue $5 million of Ordinary Shares in Vector based on a VWAP for the 10 trading days prior to the issue date and on the prevailing exchange rates. Under the Shareholders Agreement, Vector’s interest in the Project can increase to 86.22% if MGI exercise their option under the Shareholders Agreement for the sale of all of MGI’s shares and its loan accounts at Fair Market Value to the Company. The transaction will be financed through a funding from Aggelos Capital Ltd. The transaction will be financed through a $20 million loan facility from London Gold LLC. As of October 17, 2018, the Vector Board has accepted a $35 million committed offer of funding from General Trading LLC that will be used to finance the acquisition. Upon Completion of the acquisition and issue of the Tranche 1 shares MGI has the right to appoint up to 2 directors to the Board of Vector. The transaction is subject to the satisfaction of conditions precedent which include the execution of ancillary documentation including an agreed Work Plan for the completion of the DFS, Escrow Agreement, Loan Repayment Agreement, Codebition (or Co-Debtor) Agreement and the issue of a $20 million Standby Letter of Credit in relation to an existing debt facility for the Project. The transaction was approved by the board and shareholders of Vector. As of September 5, 2018, a number of key conditions precedent to the transaction have been satisfied which includes the execution of Escrow Agreement now completed by all relevant parties and work-plan and budget also agreed and signed-off for completion of the Adidi-Kanga Definitive Feasibility Study and associated exploration work. The satisfaction of the other conditions precedent are expected to be completed on September 15, 2018. On September 18, 2018, Vector executed a loan documentation for a $20 million committed debt facility from Medea Future Materials Fund L.P. which will be used to finance the issuance of standby letter of credit. As of October 4, 2018, the deadline for the completion of the final conditions precedent to the transaction has been extended to October 16, 2018.