Eclipse Metals Limited (ASX:EPM) entered into an agreement to acquire Ivittuut Project in Greenland from Rimbal Pty Ltd. and Cerium Pty Ltd for AUD 28 million on January 14, 2021. Under the terms of transaction, Ten business days after the execution of the agreement initial completion will occur (Initial Completion). At initial completion, the sellers must give Eclipse Metals all documents to effect the transfer of the tenement as well as exclusive possession of the assets. Within 2 business days after initial completion, Rimbal must lodge with the relevant Government Agency in Greenland the documents required to seek the approval required under Greenland’s Mineral Resources Act and effect transfer of the Tenement. During initial completion, Eclipse will pay AUD 0.05 million in cash and issue 200 million shares to Cerium and 12 million shares to third parties. During second completion, Eclipse will pay AUD 0.1 million in cash, issue 81 million shares and options (including AUD 0.015 Options and AUD 0.05 options) of 70 million to Cerium and Eclipse will issue 73 million shares and options (including AUD 0.015 Options and AUD 0.05 options) of 25 million to third parties. In third phase, 12 months after the second completion Eclipse will issue option (including AUD 0.015 Options and AUD 0.05 options) of 280 million to Cerium and will issue option (including AUD 0.015 Options and AUD 0.05 options) of 90 million to Third Parties. The cash component for the first and second completion of the acquisition will be paid from the existing cash reserves following capital raisings. As of January 18, 2021 Eclipse Metals issued 212 million shares. Transaction is subject to customary closing conditions, including Eclipse holding a general meeting at which it seeks to obtain all shareholder approvals, obtaining such regulatory approvals in Greenland (if any) as are necessary to transfer the Tenement and completion by Eclipse Metals Limited of due diligence on the assets. Eclipse Metals will also make the payments to Cerium on satisfaction of certain milestones; AUD 1 million within 10 business days of the announcement of a JORC compliant inferred resource within the Tenement in respect of any mineral, AUD 3 million within 10 business days of the announcement of completion of the first scoping study in respect of the Tenement, AUD 7 million within 10 business days of the announcement of completing the first pre-feasibility study in respect of the Tenement and AUD 9 million within 10 business days of the announcement of the last to occur of completion of the first definitive feasibility study in respect of the Tenement and the grant of a mining license from Greenland Government over the area the subject of that study. From Second Completion, Eclipse will grant to Cerium a 3.5% net profit royalty payable in relation to any mineral product recovered from the Tenement and sold. If EPM shareholders do not approve the issue of the Phase 2 and Phase 3 securities, EPM will make equivalent cash payments to Cerium and the Third Parties. Eclipse Metals Limited (ASX:EPM) completed the acquisition of Ivittuut Project in Greenland from Rimbal Pty Ltd. and Cerium Pty Ltd in January 2021.