Resources and Energy Group Limited (ASX:REZ) entered into a binding term sheet to acquire Burbanks Gold Mine from Kidman Resources Limited (ASX:KDR) for AUD 4.5 million on November 22, 2016. Under the terms, the consideration will be paid as AUD 2.5 million in the form of a convertible note and AUD 2 million in cash payable in instalments. The cash payment of AUD 0.1 million will be made upon execution of formal agreement, AUD 0.4 million will be made at completion and AUD 0.5 million in 3 equal 6 monthly payments each commencing 6 months following completion. The buyer intends to fund the consideration payable through the issue of equity, or debt. The binding term sheet is conditional upon due diligence being completed, approval of buyer's shareholders, any necessary regulatory or third party consents and the execution of a formal agreement in respect of the transaction. Due diligence is expected to be completed by mid-December 2016. Paul Armstrong and Nicholas Read of Read Corporate acted as public relations' advisors to Kidman Resources Limited. Due diligence period has extended until January 2017.

Resources and Energy Group Limited (ASX:REZ) cancelled the acquisition of Burbanks Gold Mine from Kidman Resources Limited (ASX:KDR) on November 22, 2017.