Sinomine Resource Exploration Co., Ltd. (SZSE:002738) and Shenzhen Oriental Fortune Capital Co Ltd. entered into a share purchase agreement to acquire Sase Mining Sarl, Balcon Holdings, Tiger Resources Finance and Havelock Finance Limited from Tiger Resources Limited (ASX:TGS) for $260 million on January 22, 2018. Pursuant to the terms of agreement, the buyers will pay $230 million on completion, $20 million is payable after 3 months of completion, subject to typical working capital adjustments and assumptions of $10 million of liabilities in the form of local overdraft facilities. Tiger Resources will receive royalty payments from revenue generated from the sale of copper and cobalt by buyers of up to an aggregate amount of $20 million. As a result of transaction, upon completion, Tiger Resources will lose its all interest in Tiger Congo SARL, Congo Minerals SARL, Balcon Investments and Logistics (Pty) Ltd, Société d’Exploitation de Kipoi SA, the Kipoi Project, Lupoto Project and La Patience permit. Tiger Resources is subject to exclusivity provisions from signing of the Share Purchase Agreement until the earlier of termination of agreement, completion or June 30, 2018. During the Exclusivity Period, Tiger Resources cannot solicit competing proposals or engage in any discussions with, or provide any information to, a third party in connection with a competing proposal. Tiger Resources Limited has set a timeframe for discussions to be concluded of close of business Perth on July 6, 2018. If the transaction is terminated due to failure to obtain Chinese regulatory approvals, then buyer will pay $5 million to Tiger Resources as termination fee. In case, the transaction is terminated by Tiger Resources, than the termination fee payable by Tiger Resources to buyers is $1.5 million. The transaction is subject to regulatory approval and approval from shareholders of Tiger Resources. The transaction further requires agreeing a form of the escrow deed within 30 days, completion of the transaction prior to June 30, 2018, no material adverse change in relation to Tiger Resources subsidiaries or its assets, buyers and the Senior Lenders agreeing the payment mechanism and procedures for completion in order to coordinate the release of all security and establishment of new security within 30 days and approval from senior lenders. The transaction is unanimously approved and recommended by the Directors of Tiger Resources. Tiger Resources will use initial installment of $230 million in repayment of outstanding banking liabilities. As of July 4, 2018, as the completion did not occur by June 30, 2018, none of the parties has given notice of termination and they are continuing discussions. Tiger Resources has set a timeframe for discussions to be concluded by July 6, 2018. Treadstone Resource Partners Pty Ltd acted as financial advisor, Norton Rose Australia acted as legal advisor and FTI Consulting, Inc. (NYSE:FCN) acted as corporate restructuring advisor to Tiger Resources. Standard Securities Asia Limited acted as financial advisor, King & Wood Mallesons acted as legal advisor and KPMG International acted as accountant to buyers.