Bulletin Resources Limited (ASX:BNR) entered into an agreement to acquire 80% stake in Hodgkinson Basin Gold Project from Territory Minerals Pty Ltd. for AUD 2.2 million on August 3, 2018. Consideration will be paid in cash as AUD 0.05 million to be paid as non-refundable deposit on signing the agreement, a payment of AUD 0.35 million upon completion of 21 day due diligence period including receipt of Bulletin’s shareholders’ approval and completing all other conditions precedent i.e on the closing date, a payment of AUD 0.5 million twelve months after completion, a payment of AUD 0.5 million twenty four months after completion and a payment of AUD 0.25 million thirty months after completion. There is a further payment of AUD 0.5 million payable to Territory Minerals 90 days after first production from the project. Acquisition is in staged payments over 30 months allowing funding through existing cash reserves. In addition to the above cash payments, Territory Minerals Pty will be free-carried on the project until Bulletin has spent AUD 7 million on the project. Upon Bulletin meeting the expenditure requirements, Territory Minerals must either contribute its share of ongoing expenditure (20%) or dilute to a net smelter royalty (NSR) of 1.125% on all gold produced and any other metals. Should Territory Minerals dilute to the NSR, Bulletin will then own a 100% interest in the project. The acquisition is subject to due diligence and shareholder approval. As of September 26, 2018, the annual general meeting will be held on November 15, 2018. The transaction is expected to close on November 27, 2018. Bulletin Resources Limited (ASX:BNR) cancelled the acquisition of 80% stake in Hodgkinson Basin Gold Project from Territory Minerals Pty Ltd. on January 29, 2019.