CI Resources Limited (ASX:CII) entered into a Joint Venture agreement to acquire a 60% stake in Liven Nutrients Pte Ltd from Liven Agrichem Pte Ltd for $3 million on April 8, 2022. CIRL will fund this transaction from cash reserves. Under the terms of the joint venture agreement, CI Resources has the right to appoint three directors to the Liven Nutrients' Board with Liven Agrichem appointing two directors. CI Resources and Liven Agrichem to jointly appoint an independent director who will be the Chair of the Liven Nutrients' Board. The transaction is subject to standard conditions precedent for transactions of this nature, including the completion of due diligence (which has now been satisfied), obtaining any necessary third-party approvals (which CIRL considers are not required) and there being no material adverse change in the business prior to completion. The transaction is expected to complete on April 30, 2022.