Laconia Resources Limited (ASX:LCR) entered into term sheets agreement to acquire Kraaipan Founders Pty Ltd from a consortium of sellers for AUD 4.5 million on January 27, 2017. As on January 30, 2017, Laconia Resources Limited (ASX:LCR) entered into binding agreement to acquire Kraaipan Founders Pty Ltd from a consortium of sellers. Laconia Resources will acquire 0.1 million Kraaipan Founders Pty Ltd shares for AUD 0.1 million in cash on completion, will issue 450 million shares on completion. In addition Laconia Resources will also issue 250 million shares, as a first installment upon certification of a JORC compliant resource of gold or gold equivalent of 250,000 oz which at least 50% is classified as Indicated or above, second installment of 500 million shares, will be issued upon certification of a JORC compliant resource of 500,000 oz gold or gold equivalent of which at least 50% is classified as indicated or above, third installment of 500 million shares will be issued upon certification of a JORC compliant resource of 750,000 oz gold or gold equivalent of which at least 50% is classified as Indicated or above and the last installment of 500 million shares will be issued upon certification of a JORC compliant resource of 1,000,000 oz gold or gold equivalent of which at least 50% is classified as Indicated or above. Mandevilla Pty Ltd will get 2.7 million completion shares and 9.5 million milestone shares, Overland Corner West Pty Ltd will get 2.7 million completion shares and 9.5 million milestone shares, Zenessa Pty Ltd will get 2.7 million completion shares and 9.5 million milestone shares, Mintaka Nominees Pty Ltd will get 3.1 million completion shares and 11.2 million milestone shares, and will issue 33.7 million completion shares and 135.4 million milestone shares. Laconia Resources Limited will use AUD 2.4 million raised as capital at an issue price of AUD 0.2 per share to pay cash consideration of the transaction. Upon Completion, Jeremy Read will be appointed as a non-executive director of Laconia in addition to the remaining directors being Neville Bassett and Robert Hartley Downey. In addition Quinton Hills will be appointed as Chief Executive Officer and Fred Nhiwatiwa will be appointed as Country Manager (Botswana) / Exploration Manager. The acquisition is subject to obtaining all approvals from Laconia shareholders on or before March 14, 2017, approvals from ASX, completion of equity capital raising of AUD 2.4 million, Laconia completing due diligence on or before February 28, 2017. As of March 10, 2017, Laconia Resources has completed the legal, financial and technical due diligence of Kraaipan Founders and Kraaipan Founders has also completed its due diligence of Laconia Resources. As on April 18, 2017, the transaction has been approved by shareholders of Laconia Resources Limited. RSM Corporate Australia Pty Ltd acted as financial advisor for Laconia in the transaction. Laconia Resources Limited (ASX:LCR) completed the acquisition of Kraaipan Founders Pty Ltd from a consortium of sellers on May 29, 2017.