Idalia Coal Pty Ltd entered into binding heads of agreement to acquire East Energy Resources Limited (ASX:EER) from Onglory Pty Limited and others in a reverse merger transaction on January 23, 2013. As a part of consideration East Energy Resources will issue AUD 40 million in shares. The total consideration shall, however, be adjusted, (increased or decreased) based on Idalia's cash balances, GST receivable, accounts payable and outstanding debt balance on the business day immediately preceding the close of the transaction. The Noble Group, parent of Camvill, will provide East Energy with a debt re-financing arrangement to be used by East Energy to repay the debt it owes to Idalia under the facility agreement. As a result of the transaction, Camvill will hold 41.18% and Majicyl will hold 45.98% of the issued shares of East Energy Resources.

The transaction is subject to completion of due diligence investigations by East Energy Resources and Idalia Coal within 45 days from the date of the agreement, regulatory approvals and third party consents, approval of East Energy Resources shareholders, Idalia executing formal royalty deeds in favor of Noble and Majicyl in respect of the tenements held by Idalia; termination of the incorporated joint venture agreement in respect of Idalia between Noble, Majicyl; and subject to Board of Directors of East Energy Resources unanimously recommending the transaction. The conditions must be satisfied within 90 days or such later date as may be agreed. The execution of formal agreements is expected to take place by mid to late February 2013 and the transaction is expected to complete by mid to late March 2013.

Idalia Coal Pty Ltd entered into a share purchase agreement to acquire East Energy Resources Limited (ASX:EER) from Onglory Pty Limited and others in a reverse merger transaction on March 18, 2013. Due diligence was completed as of March 19, 2013. The transaction is expected to be completed on April 29, 2013. As on March 26, 2013, the Independent Directors of East Energy Resources recommend that shareholders vote in favor of the transaction. Matthew Johnson of Clayton Utz acted as legal advisor for Noble Group Limited. Stantons International Securities acted as accountant and considers the transaction is fair and reasonable to East Energy Resources. Frank Knezovic of Nova Legal Pty Ltd acted as legal advisor for East Energy Resources. The transaction has been approved by the shareholders of East Energy Resources on May 3, 2013. Stantons International Securities charged a fee of AUD 0.02 million.

Idalia Coal Pty Ltd completed the acquisition of East Energy Resources Limited (ASX:EER) from Onglory Pty Limited and others in a reverse merger transaction on May 10, 2013. As part of consideration, 190.03 million shares are issued.