Great Western Exploration Limited (ASX:GTE) made an offer to acquire Vanguard Exploration Ltd for AUD 2.3 million on April 26, 2016. As part of consideration, four Great Western Exploration shares will be issued for every one Vanguard shares which equates to a total of 150.8 million Great Western Exploration shares. The transaction will be funded by placing up 25 million shares at an issue price of AUD 0.015 per share. After the transaction, Vanguard will become a wholly owned subsidiary of Great Western Exploration Limited. The offer is subject to acceptance of the offer by Vanguard shareholders representing more than 90% of the shares on issue which will allow Great Western Exploration to proceed with a compulsory takeover, raise a minimum of AUD 1 million and issue no more than 100 million shares, Great Western Exploration shareholders approve the issue of shares for both the acquisition and the capital raising, Ian Kerr, the Managing Director of Vanguard, being appointed as an Executive Director of Great Western Exploration, Australian Securities Exchange Ltd, and Australian Securities and Investments Commission, regulatory and compliance requirements are satisfactorily met, Directors of Vanguard should enter into an agreement for the sale of their shares in Vanguard that provides a period of exclusivity of 90 days while the necessary due diligence, meetings and approvals are sought. The transaction was accepted and recommended to the shareholders by Board of Directors of Great Western Exploration Limited. As on July 25, 2016, the VALMIN report for Vanguard has now been completed. As on October 14, 2016, all of the Directors and the substantial shareholders of Vanguard have signed their share sale agreement for the sale of their shares to the Great Western Exploration. This represents 59% of the Vanguard shares. The shareholders meeting of Great Western Exploration will be held on October 25, 2016 for the purpose of approval of the deal. Shareholders of Great Western Exploration approved the transaction on October 25, 2016. Mills Oakley acted as legal advisor, Computershare Investor Services Pty Limited acted as share registrar and Bentleys acted as Independent expert and auditor for Great Western Exploration. Great Western Exploration Limited (ASX:GTE) completed the acquisition of Vanguard Exploration Ltd on January 5, 2017.