DiscovEx Resources Limited (ASX:DCX) agreed to acquire Lighthouse Resources Holdings Pty Ltd from group of sellers for AUD 2.4 million on January 18, 2021. As per terms of transaction, consideration to be given by DiscovEx Resources Limited for the acquisition of Lighthouse will be a total of 337.5 million new fully-paid ordinary shares in DiscovEx Resources Limited. Gateway currently holds an interest of approximately 26.8% of Lighthouse, which means that on completion of the transaction it will receive approximately 90.48 million shares of the consideration shares. On completion. Gateway will hold a total of 116.79 million shares in DiscovEx Resources Limited, which will represent a shareholding of approximately 4.55% in DiscovEx Resources Limited, assuming the maximum amount is raised under DiscovEx Resources Limited’s proposed AUD 4 million capital raising. Post completion, Peter Langworthy will step-down from his position as Non-Executive Chairman of DiscovEx Resources Limited and founding Director of Lighthouse, Heath Hellewell will be appointed to this position and Kim Massey will be appointed to the DiscovEx Resources Limited Board as a Non-Executive Director. Transaction is subject to shareholder approval of DiscovEx Resources Limited, DiscovEx Resources Limited obtaining all regulatory consents and all approvals required from the ASX, receiving executed restriction agreements for some of the consideration shares and DiscovEx Resources Limited completing a placement to raise at least AUD 3.5 million. The transaction is approved by the shareholders of DiscovEx Resources Limited. Transaction is expected to complete by April 30, 2021.