Ephraim Resources Limited entered into a conditional sale and purchase agreement to acquire Infinio Group Limited (Catalist:5CS) from Atlas Capital Pte Ltd and other shareholders in a reverse merger transaction on March 29, 2011. Under the transaction, Ephraim Resources will receive 1.9 billion new shares in Infinio Group Limited in exchange of its 300 million shares. Further, Infinio Group will consolidate every ten existing ordinary shares in the capital of the company into one share. Upon completion of the consolidation and the transaction, Ephraim Resources will hold 93.14% stake in Infinio Group. Pursuant to the transaction, Infinio Group has agreed to procure the resignation of such Directors of Infinio Group Limited as may be requested by Ephraim Resources and to the appointment, with effect from the date of completion, of up to 5 new Directors nominated by Ephraim Resources, out of which 1 new Director nominated by Ephraim Resources shall be appointed as Chairman of Infinio Group Limited.

The transaction is subject to consummation of due diligence investigation, the net tangible assets of Infinio Group Limited not being less than zero as at completion, the completion of the share consolidation, the resolution of the Board of Directors and (if required) shareholders of Ephraim Resources, the resolution of the Board of Directors and shareholders of Infinio Group Limited, regulatory approval and listing of the new shares. The transaction is expected to close within ten business days after the approval of the shareholders. The acquisition will enhance the net tangible assets and Earning per share of Infinio Group Limited. The acquisition has no effect on the gearing of Infinio Group Limited as there are no bank borrowings and the assets to be acquired are not financed by borrowings. As of March 30, 2012, the Board of Infinio Group and Ephraim Resources Limited entered into discussions to extend the expected closing date from March 31, 2012. As on April 2, 2012, the closing date of transaction has been extended from March 31, 2012 to December 31, 2012.

Ephraim Resources Limited cancelled the acquisition of Infinio Group Limited (Catalist:5CS) from Atlas Capital Pte Ltd and other shareholders in a reverse merger transaction on December 31, 2012. The agreement has been terminated automatically since any or all of the conditions precedent have not been fulfilled or waived, as relevant, by December 31, 2012.