Consolidated Tin Mines Limited (ASX:CSD) entered into agreement to acquire shares in Chillagoe Project from Auctus Minerals Pty. Ltd. for AUD 53.3 million on February 10, 2020. Under the terms of consideration, the acquisition price comprises an upfront payment of approximately AUD 37.3 million, less assumed debt and customary working capital adjustments, and a deferred payment of up to approximately AUD 16 million subject to determination of the value of certain potential liabilities (relating to confirmation from the relevant department of environmental assurance amounts, sales provision adjustments and warranty/indemnity claims) within 9 months of completion. As an advance payment towards the upfront completion payment, Consolidated Tin Mines Limited has agreed to pay a deposit of AUD 2 million to Auctus Minerals Pty. Ltd. Consolidated Tin Mines Limited will utilize an existing financing facility of AUD 10 million provided by major shareholder Cyan Stone, to fund the deposit. Consolidated Tin Mines Limited currently expects the Acquisition to be funded by way of a AUD 65 million senior secured loan note facility, to be provided by certain investment funds managed by Singapore-based investment manager, OCP Asia (Singapore) Pte Ltd (OCP Asia). Consolidated Tin Mines Limited to undertake name change to ‘Aurora Metals Limited’ (subject to shareholder approval). Consolidated Tin Mines Limited has also agreed a break fee of AUD 1 million which is payable in certain circumstances in the event that the acquisition does not complete. Auctus Minerals Pty. Ltd. will pay a termination fee of AUD 4.3 million in case of termination. The deal is subject subject to several conditions precedent including finance and Consolidated Tin Mines Limited shareholder approval. Consolidated Tin Mines Limited is targeting completion of the acquisition as soon as possible following Consolidated Tin Mines Limited obtaining shareholder approval for the acquisition, which is expected to occur in March 2020. The acquisition is set to deliver immediate, value-accretive growth in Consolidated Tin Mines Limited’s metal production output and resource inventory. Consolidated Tin Mines Limited (ASX:CSD) cancelled the acquisition of Chillagoe Project from Auctus Minerals Pty. Ltd. on March 13, 2020.