Shandong Mingrui Group made an offer to acquire Bougouni Lithium Project from Birimian Limited (ASX:BGS) for approximately AUD 110 million on January 3, 2017. The letter of intent which was subsequently signed, is subject to a number of conditions, including receipt of a deposit of AUD 10.75 million on or before January 20, 2017. The deposit is non refundable, except in the event that any consent or approval required by Birimian cannot be obtained. Within 45 days of confirmation of receipt of the deposit, Mingrui agrees to place the balance of the cash consideration in the Stakeholder Account. The transaction is subject to approval by shareholders of Birimian Limited, third party, regulatory, tax consents or required approvals. If all conditions are not satisfied or waived on or before March 31, 2017 then the letter of intent will terminate.