Tassawini Gold Property in Guyana entered into a letter of intent to acquire Century Energy Ltd. (TSXV:CEY.H) in a reverse merger transaction on December 16, 2016. Under the terms of the transaction, Century Energy will pay $0.25 million on completion of initial due diligence, further $1.8 million in cash on closing, grant of a net smelter return royalty of 1.5% which may be repurchased at a price of $2.4 million and issue 45 million of its common shares, resulting in change of control. The vendors will also be granted the right to nominate one Director to Century’s Board of Directors effective on closing of the transaction. A definitive agreement was to be entered into by January 31, 2017. Subsequent to year end August 31, 2017, the letter of intent was extended to January 31, 2018. Due to permitting delays on the project, the initial refundable deposit of $0.25 was reduced to $25,000 (paid) with the balance of the deposit being made upon permits being issued on the Tassawini Property. Subsequent to the period ended February 28, 2018, Century Energy is in discussions to renegotiate the terms of the letter of intent and enter into a definitive agreement. In a related transaction, Century Energy will also conduct an offering of 25 million common shares. The deal is subject to a number of conditions including execution of definitive agreement by January 31, 2017, exchange approval, completion of technical and legal due diligence and completion of the concurrent private placement. As of July 5, 2017, the transaction is expected to complete with concurrently with Century Energy's acquisition of Korn Kob property. Tassawini Gold Property in Guyana cancelled the letter of intent to acquire Century Energy Ltd. (TSXV:CEY.H) in a reverse merger transaction subsequent to the period ended November 30, 2018.