OreCorp Limited (ASX:ORR) agreed to acquire an additional 26% stake in Nyanzaga gold project from Acacia Mining plc (LSE:ACA) for $3 million on July 20, 2018. The acquisition, which is being made pursuant to the exercise of option, will increase the stake of OreCorp Limited in Nyanzaga gold project from 25% to 51%. In a related transaction, OreCorp Limited signed a binding conditional heads of agreement to acquire additional 49% stake in Nyanzaga gold project from Acacia Mining plc for $7 million. Upon completion of the two transactions, OreCorp Limited will own 100% of Nyanzaga gold project. As of July 22, 2019, OreCorp Limited will not pay $15 million royalty and will replace with an additional $1.5 million cash. OreCorp Limited will now pay $11.5 million cash for acquiring the remaining 75% stake in Nyanzaga gold project. OreCorp also announced that it will pre-pay the capital gains tax (Pre-Paid Tax Amount) on the Total Consideration on behalf of Acacia, on the basis that the Pre-Paid Tax Amount will be deducted from the Total Consideration payable to Acacia. On September 2, 2019, OreCorp paid $3.45 million to receive Tax Clearance Certificates.

As of August 16, 2019, OreCorp announced the placement of 53.1 million ordinary shares at an issue price of AUD 0.25 ($0.17) per share to domestic and overseas institutional and sophisticated investors to raise gross proceeds of AUD 13.3 million ($9 million) to be used to fund the acquisitions. As of August 30, 2019, the Tanzanian Revenue Authority issued tax assessment notices in relation to the acquisition. The Government of Tanzania will also become a shareholder of Nyanzaga Mining Company Limited once the deal is completed. The transaction is subject to approval from the Tanzanian Fair Competition Commission (FCC) and Mining Commission. On September 5, 2018, the Tanzanian Fair Competition Commission granted its approval for the transaction. As of September 15, 2019, transaction was approved by Tanzanian Mining Commission. Transaction is expected to complete in coming days.

OreCorp Limited (ASX:ORR) completed the acquisition of additional 26% stake in Nyanzaga gold project from Acacia Mining plc (LSE:ACA) on October 21, 2019. The Ministry of Minerals has previously indicated that the Special Mining Licence (SML) will be granted following completion of 100% ownership of the Project by OreCorp. Upon the grant of the SML, OreCorp will welcome the Government of Tanzania as a shareholder of Nyanzaga Gold Project and pay the balance of $8.05 million of the consideration payable for the acquisition of the project.