Blumont Group Ltd. (SGX:A33) entered a conditional sale and purchase agreement to acquire Hudson Minerals Holdings Pte Ltd. from Peter Chen Hing Woon and Wong Chin Yong for SGD 48 million in cash and stock on December 21, 2012. As per the terms of the agreement, Blumont Group Ltd. will acquire Hudson for SGD 8 million in cash and issue of 194.84 million in stock. Blumont will issue shares contingent upon Hudson's subsidiary, PT DAS achieving production of not less than 400,000 tons of iron ore fines on or before the expiry of 24 months from the date of completion of the proposed; in the event that the production of Iron Ore products at the expiry of the agreed production period shall be less than 100,000 tons, no consideration shares shall be allotted and issued to the vendors. The cash purchase consideration will be funded from the internal resources of Blumont. On completion, Hudson Minerals will become a wholly owned subsidiary of Blumont.

Based on the unaudited financial statements of Hudson Minerals for its financial year ended April 30, 2012, the net liabilities of Hudson Minerals was approximately SGD 0.67 million and a net loss before tax of approximately SGD 0.57 million. Based on the unaudited financial statements of Hudson Minerals for its financial year ended October 31, 2012, the net liabilities of Hudson Minerals was approximately SGD 0.96 million and a net loss before tax of approximately SGD 0.30 million. The acquisition is subject to due diligence; approvals from Blumont's shareholders; approval from the stock exchange for the admission and dealing and quotation of the consideration shares; Blumont being satisfied with the geologist inspection report of the concession right; and where necessary, all government, regulatory or other approvals, permits, licenses, consents and authorizations required.

As of June 7, 2013, the long stop date has been extended from June 19, 2013 to December 31, 2013.

Blumont Group Ltd. (SGX:A33) cancelled the acquisition of Hudson Minerals Holdings Pte Ltd. from Peter Chen Hing Woon and Wong Chin Yong on January 8, 2014. The termination of the sale and purchase agreement is not expected to have a material impact on the Blumont Group's net tangible asset and earnings per share for the financial year ending December 31, 2014.