Close-Up Mining (Pty) Ltd. entered into an agreement to acquire 50.5% stake in Sentula Coal (Pty) Ltd from Sentula Mining Limited (JSE:SNU) for approximately ZAR 100 million on June 27, 2016. Sentula will dispose of its claims against Sentula Coal in the amount of ZAR 50 million to Close-Up and in consideration thereof, Close-Up will allot and issue 0.003 million ordinary shares of no par value to Sentula, constituting 40% of the Close-Up shares in issue. Sentula Coal reported unaudited net asset value of ZAR 2 million and net income of ZAR 2 million as at March 31, 2016. The deal is subject to necessary board and/or shareholders' approvals being obtained by Close-Up, Sentula and Sentula Coal, the shareholders' agreement between the existing shareholders of Close-Up and Sentula is concluded, the Benicon plant and equipment sale agreement is concluded and becomes unconditional, the Close-Up memorandum of incorporation ("MOI") is amended in accordance with, inter alia, the JSE listings requirements and the amended MOI is filed with the Companies and Intellectual Properties Commission ("CIPC") and obtaining all the relevant regulatory approvals. The Transaction will become effective on the first day of the month following the month during which the last of the deal conditions are either fulfilled or, where possible, waived. As of October 28, 2016, the deal was approved by the shareholders of Sentula Mining. Questco Proprietary Limited acted as financial advisor for Sentula Mining Limited. Close-Up Mining (Pty) Ltd. cancelled the acquisition of 50.5% stake in Sentula Coal (Pty) Ltd from Sentula Mining Limited (JSE:SNU) on November 8, 2017. Transaction got cancelled due to various suspensive conditions not being fulfilled.