RMG Ltd. (ASX:RMG) reached an agreement in principle to acquire remaining 25% interest in Tuina Project in Northern Chile from Chile Metals Limitada in quarter ended June 30, 2014. RMG will also acquire a debt (approximately $1.7 million) owed to Chile Metals by Porvenir S.C.M. RMG will issue fully paid ordinary shares to Chile Metals who will then hold approximately 20% of RMG's issued share capital post completion of the capital raising; will grant a 2% net smelter royalty (NSR) over the permits originally directly introduced by Chile Metals, with RMG Ltd. having a right to buy back 50% of the NSR for $10 million; will grant a 0.5% NSR over all other permits in the sphere of influence of the original joint venture relating to the Tuina Project; will grant a first right of refusal over the permits introduced directly by Chile Metals into the original venture if RMG has not spent in excess of $15 million in total at the Tuina project and withdraws from the project; and will provide Chile Metals with the right to appoint a representative to RMG's Board. The finalization of this transaction is subject to RMG being satisfied with its due diligence enquiries and execution of formal transaction documentation.

As of October 28, 2014, RMG executed a binding agreement to acquire 25% stake in Tuina project from Chile Metals for $0.07 million in stock. Under the terms of the transaction, RMG will issue 40.11 million of its shares and 16 million options exercisable at AUD 0.099 ($0.09). Chile Metals will assign a $1.565 million debt owed to it by Sociedad Contractual Minera Porvenir to RMG. Pursuant to the transaction, Chile Metals has the ability to appoint a member to the Board of RMG. The completion of the transaction and issue of the shares and options is subject to approval by RMG's shareholders. Currency conversion was done through www.oanda.com as of June 30, 2014.