Metalsearch Limited (ASX:MSE) entered into a binding agreement to acquire Abercorn High Purity Alumina Project from Goody Investments Pty Limited, Pointciano Pty Ltd, Monica Holdings Pty Ltd, Gold Coast Tweed Pet Motels Pty Ltd, Anthony Paul Sheridan and Peter Zardo for AUD 3 million on August 13, 2019. The consideration for the acquisition is a combination of cash and shares including deferred payments to the sellers once key performance related milestone is achieved. The sum of AUD 0.05 million will be paid as non refundable deposit. At the completion, the payment of 0.3 million will be paid as the reimbursement for past expenditures and Metalsearch Limited will issue 235 million shares to the sellers. Metalsearch Limited will issue 75 million shares as deferred consideration upon certification by and independent competent person on or before the first anniversary of the date of the term sheet and will also issue 75 million shares upon completion by the company of a scoping study before the 3rd anniversary of the date of the term sheet. The transaction will be funded through the capital raising of AUD 2 million by Metalsearch Limited. The transaction is subject to Metalsearch Limited shareholders approval, distributing to shareholders a notice of meeting calling a general meeting of shareholder and completion of due diligence. The transaction has been approved by shareholders of Metalsearch Limited on October 4, 2019.