Acacia Coal Ltd. entered an agreement with the founders of Coalvent Ltd. to acquire the company and its right to acquire a 74% stake in the Riversdale property. The deal is subject to various conditions including due diligence, expected to take six months, and the completion of the entitlement offer. The company plans to restructure its board and management team, appointing Hugh Callaghan as managing director and Robert Scott as finance director upon completion of the deal.

Callaghan and Scott form part of Coalvent's management team.