Tengri Coal and Energy Pte. Limited entered into an agreement to acquire International Millennium Mining Corp. (TSXV:IMI) in a reverse merger transaction on August 31, 2018. Under the terms of a share purchase agreement, Tengri Coal & Energy will acquire all issued and outstanding shares of International Millennium Mining Corp. Immediately prior to closing of the transaction, International Millennium will complete a consolidation of all its outstanding shares and convertible securities on the basis of one security for each twenty outstanding securities. Each of Phoenix Capital Enterprises Ltd., parent of Tengri Coal and Energy, shareholder will receive one post consolidation share of International Millennium for each of Tengri Coal and Energy share held. The present Tengri Coal and Energy shareholders will hold 198 million common shares of the resulting issuer representing 95% of the common shares after the exercise of warrants. On signing the agreement CAD 0.25 million bridge loan facility will be advanced by Phoenix Capital Enterprises to International millennium for working capital required during the approval of transaction. As of June 4, 2019, International Millennium Mining has successfully arranged a bridge financing, representing the funds needed to bridge IMMC as it works to satisfy the closing conditions for the reverse takeover transaction. The bridge financing consists of the issuance of up to CAD 0.05 million of convertible unsecured debentures at a price of CAD 1,000 per unit, with each debenture unit consisting of a CAD 1,000 principal amount 30-month 12% unsecured convertible debenture of IMMC and the Debenture will be convertible into that number of units, each unit consisting of one (1) transferable common share and one (1) warrant. The shares are subject to four month hold period. The resulting issuer intends to apply to list its common shares on the Toronto Stock Exchange, graduating to the TSX from its current listing on the TSXV. Each of the current Directors of International Millennium Mining will resign and a new Board of Directors of International Millennium Mining will be reconstituted and comprised of five Directors. Phoenix will have the right to nominate four of the five Directors, with John A. Versfelt continuing as a Director. The parties anticipate that the senior management of both International Millennium Mining and Tengri Coal & Energy will be combined following completion of the transaction, with John A. Versfelt continuing as President and Chief Executive Officer, and Calvin Lucyshyn continuing as Chief Financial Officer of the resulting issuer. In addition, Khurlee Ankhbayar will become the Chairman and a Director, and Erdenebileg Bulidan will become a Director, of the resulting issuer. The transaction is subject to conditions including approvals of relevant regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange, the approval of the Directors of each of International Millennium Mining and Phoenix Capital Enterprises Ltd. and/or shareholders of International Millennium Mining and Phoenix Capital Enterprises, the completion of due diligence investigations to the satisfaction of each of International Millennium Mining and Phoenix Capital Enterprises, International Millennium Mining’s securities shall be consolidated on a 1 new for 20 old shares basis, International Millennium Mining’s Silver Peak, Nevada, USA, silver/gold project shall be provided with funding to advance the project through the next exploration phase, the Directors of International Millennium Mining’s USA subsidiary shall be increased to five, including two independent Directors recommended by International Millennium Mining, two independent Directors recommended by Phoenix, and John A. Versfelt, as well as the satisfaction of standard closing conditions. As of June 14, 2019, International Millennium Mining has received TSX Venture Exchange (the "Exchange") conditional acceptance and has closed its bridge financing. Tengri Coal and Energy Pte. Limited cancelled the acquisition of International Millennium Mining Corp. (TSXV:IMI) in a reverse merger transaction on January 10, 2020.