Kazakhstan Potash Corporation Limited (ASX:KPC) signed a sale and purchase agreement to acquire Satimola Ltd. from Hina Capital Partners and other shareholders for $80 million on November 16, 2015. Under the terms, the purchase price of $70 million consists of a first payment of $55 million in cash and two promissory notes payments of $7.5 million each. The two promissory notes payments shall be paid upon the first utilization of construction finance for the mining project at Satimola, and the second after the date of first shipment of an order for potash from Satimola. Kazakhstan Potash Corporation will repay $10 million on Satimola Limited’s behalf to Satimola creditors. Kazakhstan Potash Corporation Limited signed a sale and purchase agreement to acquire Satimola Ltd. from Hina Capital Partners and other shareholders for $80.5 million on October 4, 2016. The purchase price is $70 million cash, if KPC completes the proposed acquisition of Satimola within the next 9 months. Further, the sellers must out of the purchase price discharge certain additional creditor liabilities of approximately $5 million. If KPC requires additional time to complete the proposed acquisition of Satimola beyond that initial 9 months period, KPC must pay $1 million for an additional 3 months period, $1.5 million for a further 3 months period and $3 million for a final 3 months period (9 months in total, if required). If this additional time is required, the purchase price increases to $75 million. KPC has agreed to pay $0.5 million which will be credited against the purchase price, if completion occurs. KPC has also agreed to pay Satimola the sum of $0.15 million per month as working capital. On October 30, 2017, Kazakhstan Potash Corporation raised AUD 2.79 million to fund the acquisition. Kazakhstan Potash Corporation Limited revised the sale and purchase agreement to acquire Satimola Ltd. from Hina Capital Partners and other shareholders for $38 million on October 26, 2017. The purchase price will be allocated to creditors and shareholders. $21 million will be used to discharge current other Satimola liabilities. Shareholders of Satimola will receive $17 million which will consist of a cash component of $10 million and an equity component of $7 million. KPC will take direct responsibility for the balance of the necessary funds to the Kazakhstan Taxation Authorities. KPC has the option, subject to regulatory approval, to convert the advance into 35% of the issued capital of Satimola. However, if the proposed acquisition does not complete then, in certain circumstances, 25% of the issued capital of Satimola held by KPC, if KPC has exercised its option, will be cancelled or transferred for nominal consideration. KPC is entitled to appoint two directors to the Board of Satimola. Kazakhstan Potash Corporation has secured a facility from China Minsheng Banking Corp., Ltd to finance the acquisition of the Satimola Limited in Kazakhstan and to provide additional working capital in connection with that potential acquisition. Completion of the transaction is subject to obtaining approval from all relevant government and regulatory authorities together with fulfilling all the necessary financing facility requirements, approval from shareholders of Kazakhstan Potash Corporation Limited. The transaction was unanimously approved by the Board of Directors of Kazakhstan Potash Corporation Limited. As of December 10, 2015, the transaction has been approved by over 90% of the shareholders of Satimola Limited. The transaction is expected to complete within the next 9 months. Satimola is not obliged to complete the proposed acquisition unless Satimola shareholders holding over 90% of the outstanding shares agree to the acquisition. Kazakhstan Potash Corporation has entered into an engagement with Goldquest Services Inc. to provide consulting services on the acquisition of Satimola Limited. The transaction is expected to complete by July 2018. DMR Corporate Pty Ltd. acted as the independent expert for Kazakhstan Potash Corporation Limited. DMR Corporate Pty Ltd. will get an advisory fee of $0.03 million. KPC together with Satimola have established an operations committee to oversee the preparation of a Bankable Feasibility Study for the Satimola project at KPC’s expense. Kazakhstan Potash Corporation Limited (ASX:KPC) cancelled the acquisition of Satimola Ltd. from Hina Capital Partners and other shareholders on October 24, 2018.