Rafaella Resources Ltd executed binding term sheet to acquire Overland Resources (BC) Limited from Overland Resources Limited (ASX:OVR) for AUD 0.1 million on January 17, 2018. As per the terms, Rafaella Resources Ltd will issue 0.5 million shares at AUD 0.2 per share. The transaction is subject to completion of due diligence by Rafaella Resources on Overland Resources, Rafaella preparing a prospectus and lodging the prospectus with the ASIC to complete a capital raising to support an application for listing on ASX, Rafaella receiving a letter from ASX confirming that ASX will grant conditional approval to the listing of Rafaella on ASX, approvals from necessary regulatory authorities and third parties.

Settlement of the acquisition will occur on that date which is 5 business days after the satisfaction or waiver of the precedent conditions.