Connected IO Limited (ASX:CIO) entered into a binding term sheet to acquire Licenses E70/6165, E09/2465 and E08/3304 in Western Australia from Mining Equities Pty Ltd on June 26, 2024. The consideration consists of 1.3 million common equity of Connected IO Limited to be issued for assets of Licenses E70/6165, E09/2465 and E08/3304 in Western Australia. As part of consideration, an undisclosed value is paid towards assets of Licenses E70/6165, E09/2465 and E08/3304 in Western Australia.

The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders and consummation of due diligence investigation. Completion of the transaction is subject to the satisfaction (or any permitted waiver) of certain key conditions precedent, including: (i) the Company raising a minimum of AUD 4 million (before costs) under the Capital Raisings; (ii) the Company completing its due diligence; (iii) the Company obtaining all necessary Shareholder approvals required by the Corporations Act and the Listing Rules; (iv) the Company obtaining all necessary waivers and confirmations required by the Listing Rules; (v) the Company lodging the Prospectus with ASIC for the purposes of the Capital Raisings and re-complying with Chapters 1 and 2 of the Listing Rules; (vi) the Company completing the Consolidation; and (vii) the Company receiving conditional approval from ASX confirming that ASX will grant re-quotation of its Shares on the Official list, on terms reasonably acceptable to the Company. The expected completion of the transaction is September 3, 2024.