Leopard Resources NL (DB:EQ4) entered into heads of agreement to acquire Connected IO, Inc. from Yakov Temov, Wen Sung and Cocoon Capital Investments Limited for AUD 4 million on July 16, 2015. As a part of consideration, Leopard Resources will issue 200 million common stock of Leopard Resources out of which 100 million shares will be issue on the achievement of milestone 1, i.e. AUD 15 million in revenue during the years 2016, 2017 or 2018 and 50 will be issued on the achievement of milestone 2 that is AUD 25 million revenues during the years 2016, 2017 or 2018. Leopard will also raise up to AUD 1 million y way of a convertible note and also capital raise of AUD 3 million. The deal is subject to the satisfactory completion of due diligence, shareholder approval, private placement, definitive agreement and regulatory approval. The deal is expected to close on August 31, 2015. Leopard Resources anticipates satisfaction of all due diligence by the end of August 2015.

As on September 16, 2015, Connected IO and Leopard Resources extended the due diligence period expiry date to September 30, 2015. As on September 30, 2015, Connected IO and Leopard Resources extended the due diligence period expiry date to the 16th October 2015 to allow for completion of the foreign counsel legal due diligence currently in progress. A formal Share Sale Agreement is currently being finalized and it is anticipated that this agreement will be signed on completion of the due diligence. A Notice of Meeting to seek shareholder approval for the Proposed Acquisition is also being prepared for lodgement. As of October 16, 2015, the due diligence condition was satisfied. The shareholder meeting for the deal will be held on December 21, 2015.

As of October 30, 2015, Leopard Resources NL executed a formal share sale agreement to acquire Connected IO, Inc. Connected IO will be entitled to nominate up to three persons to the Board of Directors on completion of the transaction, and following that appointment existing directors Graham Chapman and Craig Willis will resign. ASX Limited has granted Leopard Resources NL a waiver from ASX Listing rule on January 6, 2016. Adam Myer, Adi Mani and Julia Lymburn of BDO acted as independent expert and Price Sierakowski acted as legal advisor for Leopard Resources. BDO Corporate Finance (WA) Pty Ltd will receive a fee of AUD 22000 for its services.

Leopard Resources NL (DB:EQ4) completed the acquisition of Connected IO, Inc. from Yakov Temov, Wen Sung and Cocoon Capital Investments Limited on January 18, 2016. As on February 29, 2016, the conditions precedent to and completion of the transaction have been satisfied.