Frontier Diamonds Limited (ASX:FDX) entered into a binding terms sheet to acquire Sedi Star Diamonds Pty Ltd from Lutzville Engineering (Pty) Ltd and Reddoor Resources (Pty) Ltd for AUD 21.1 million on August 23, 2017. As per the terms of transaction, Frontier Diamonds Limited will issue 105.24 million shares to vendors. Frontier Diamonds board will be comprised of Jan Louw as Managing Director, Frank Petruzzelli as Executive Director, Johan van Reenen as Non-executive Chairman and Michael Addison as Non-executive Director. The transaction is subject to obtaining all necessary regulatory, third party approvals, shareholder approval of Frontier, consents and authorizations pursuant to the ASX Listing Rules, Corporations Act or any other law, including in South Africa, obtaining conditional approval from ASX for Frontier to be admitted to the Official List of ASX, completion of Sedi Diamonds (Pty) Limited acquisition by Sedi Star Diamonds. The transaction is expected to complete by December 31, 2017.