Ephraim Resources Limited signed an implementation agreement to acquire WAG Limited from the shareholders of WAG Limited in a reverse merger transaction.

Ephraim Resources Limited signed an implementation agreement to acquire WAG Limited from the shareholders of WAG Limited in a reverse merger transaction on June 14, 2013. WAG Limited will consolidate its shares on an approximately 28 for 1 basis. Ephraim Resources will be issued 1.5 billion shares of WAG on a post consolidation basis. The shareholders of WAG Limited includes LeisureWest Consulting Pty Ltd, Joke Pty. Ltd., Grangefield Pty Ltd, Tethyan Holdings Pty Ltd., Raejan Pty Ltd., Magaurite Pty Ltd, Enviro Capital Pty Ltd, Ascent Capital Holdings Pty Ltd, Oakhurst Enterprises Pty Ltd and others.

The transaction is subject to approval of shareholders of Ephraim and WAG, WAG completing the consolidation, WAG receiving valid applications to raise AUD 3 million, all necessary regulatory approvals being obtained to implement the transaction and WAG receiving a letter from ASX, that ASX will lift the suspension from trading of Shares subject only to conditions reasonable to the Directors. The Directors of WAG Limited recommend that shareholders to vote in favour of the Resolutions. The Board of Directors of WAG Limited proposes name change to ‘Ephraim Resources Limited'. Completion will occur within 5 business days of WAG receiving a conditional approval for re-quotation of its shares following. If the conditions to completion are not satisfied by December 31, 2013, the agreements will terminate.

As of October 11, 2023, the shareholders of WAG Limited approved the acquisition. Nexia Melbourne Pty Ltd., Investment Banking Arm acted as fairness opinion provider for a fee of AUD 30,000 for WAG Limited.