AuStar Gold Limited (ASX:AUL) reached an agreement to acquire Centennial Mining Limited for AUD 9.9 million on September 3, 2019. Under the agreement, AuStar Gold Limited shall pay AUD 2.4 million in cash along with the issuance of 24.98 million shares. As per the release on December 12, 2019, following dispatch of the Notice of the Annual General Meeting, the agreement was amended in a number of respects, including requiring the additional 253,908 consideration Shares to be issued to the Centennial vendors. Deemed issue price is AUD 0.3 per share. AUD 4.4 million of the funds raised from the Placement and the Offer will be contributed to fund the completion of the agreement. AuStar Gold Limited shall pay termination fee of AUD 0.3 million if any of the event occur as agreed between the parties. The transaction is subject to certain conditions including approval by creditors of Centennial Mining Limited, court approval, Australian Securities and Investments Commission granting relief to the administrator, AuStar Gold Limited obtaining its shareholder's approval, the Deed Administrators obtaining written consent from Mining Lending for the conversion of its debt due from Centennial Mining Limited into equity, AuStar Gold Limited completing a new capital raising of not less than AUD 4.4 million and paying cash and issuance of shares as consideration. The meeting of shareholders of AuStar Gold Limited and Centennial Mining Limited is scheduled for October 31, 2019. As of October 28, 2019, meeting of shareholders of AuStar Gold is postponed to November 29, 2019. Creditors of Centennial Mining Limited and Maldon Resources Pty Ltd approved the transaction on November 15, 2019. As on November 26, 2019, approvals from Court and ASIC have been received. At the company’s Annual General Meeting held on November 29, 2019, the shareholder’s of AuStar approved the deal. As of December 12, 2019, AuStar will have raised a minimum of AUD 4.4 million, satisfying one of the remaining conditions precedent to the acquisition of Centennial. As of December 12, 2019, AuStar Gold Limited issued notice to its shareholders for extraordinary general meeting to be held on January 13, 2020. Shareholders's approval is required to the issue of the additional consideration shares. The Board of Directors of AuStar Gold Limited recommended its shareholders to vote in favor of the transaction. On January 13, 2020, AuStar Gold entered into an agreement to acquire all of the debt owed by Centennial Mining and Maldon Resources from Mining Lending Pty Limited. Upon completion of the Assignment Agreement, the Company will replace Mining lending as a major secured creditor of Centennial and Maldon, with security over the assets of both companies. The company will continue to work with the Deed Administrators and the creditors of Centennial to complete its proposed acquisition of Centennial. The completion is expected on November 30, 2019. As of December 13, 2019, the date for the company’s satisfaction of the conditions precedent under the DOCA has been extended to January 24, 2020 subject to the company entering into an Underwriting Agreement. AuStar Gold Limited (ASX:AUL) cancelled the acquisition of Centennial Mining Limited on January 22, 2020. The AuStar Board ultimately could not satisfy its own due diligence requirements and has therefore withdrawn from the current process.