Damstra Mining Services Pty. Ltd. signed binding asset sale agreement term sheet to acquire customer contracts from Velpic Limited (ASX:VPC) for AUD 3.8 million on August 7, 2018. As part of the transaction, Damstra Mining Services Pty. Ltd. shall also acquire all Velpic related IP and hardware to allow to all Velpic customer contracts to be serviced. As per the deal, Damstra Mining Services Pty. Ltd. shall pay AUD 1 million on completion while circa AUD 2.8 million as deferred consideration to be paid quarterly at the end of each calendar quarter after the revenue is earned following completion. Core staffs continue to be engaged by Velpic Limited, with any additional staff needed engaged on a sub-contract basis. These staff will also work to support Velpic customers during the transition period. Transaction is subject to approval of shareholders of Velpic Limited and regulatory approval. The deal was unanimously recommended by the Board of Directors of Velipc Limited to its shareholders as per disclosure released by Velpic Limited on August 22, 2018. As on September 21, 2018, the deal was approved by the shareholders of Velpic Limited. Completion is expected to take place on September 28, 2018. Velpic Limited will use the proceeds for funding any new investments, working capital requirements, and to maintain Velpic Limited 's attractiveness as a reverse listing proposition. Damstra Mining Services Pty. Ltd. completed the acquisition of customer contracts from Velpic Limited (ASX:VPC) on October 5, 2018.