Aurumin Limited (ASX:AUN) entered into share purchase agreement to acquire SANDSTONE GOLD PROJECT from Middle Island Resources Limited (ASX:MDI) for AUD 12 million on December 15, 2021. Consideration will be paid in AUD 6 million in cash and remaining will be paid by issuing 30 million fully paid ordinary shares in Aurumin. Aurumin has entered into a Convertible Note for $5 million (with the issue of the Convertible Note being subject to shareholder approval), has commitments for a placement of $2.5 million to institutional and sophisticated investors and intends to undertake an entitlement offer to raise up to $5 million. A break fee of $100,000 will be payable by Aurumin, in the event that Aurumin shareholders do not approve the Acquisition, the issue of the Consideration Shares and the Aurumin Capital Raising on or before 4 February 2022 and by Middle Island, in the event that Middle Island shareholders do not approve the sale of the Sandstone Gold Project pursuant to the SPA on or before 4 February 2022. Material conditions precedent include Aurumin's shareholders and Middle Island's shareholders approving the Acquisition, other necessary ASX and regulatory approvals and third-party consents, as needed. The Acquisition is also subject to, amongst other things, Aurumin having received legally binding commitments or terms for at least $8 million (Financing). As of March 2, 2022, all Conditions have been fulfilled. The transaction is expected to complete within a week. Aurumin expects the acquisition to be Accretive.

Aurumin Limited (ASX:AUN) completed the acquisition of SANDSTONE GOLD PROJECT from Middle Island Resources Limited (ASX:MDI) on March 20, 2022.