Symbol Mining Corporation Pty Ltd. (‘Symbol’) entered into a heads of agreement to acquire Swala Energy Ltd. (‘Swala’) in a reverse merger transaction on May 23, 2017. As of July 5, 2017, share purchase agreement was signed. Under the terms of the transaction, Swala will issue approximately 200 million shares to Symbol shareholders and will consolidate its existing securities on a 1 for 120 basis. Symbol is deemed to be the 'acquirer' for accounting purposes. In connection with the transaction Swala will raise AUD 8.87 million through an issue of securities. Post-acquisition, the combined company will change its name to Symbol Mining Ltd. Upon completion of the proposed transaction, Kenneth Russell, Mohammed Ishtiaq, John Gilfillan, Sean McCormick and Stephen Hewitt-Dutton will resign from the Board and Andrew Simpson, Barry Bolitho, and Ian James McCubbing will be appointed as Directors. On closing, Ian Goldberg will be Chief Financial Officer and Patrick McCole will be General Manager (Commercial) and Carmichael Olowoyo will be General Manager (Corporate). It is expected that in May 2017, Swala will convene a general meeting to facilitate shareholder approval in respect of the proposed transaction. The transaction is subject to completion of the deed of company arrangement entered into by Swala with its voluntary administrator and Trident Capital Pty Ltd., approval from Swala shareholders, Swala raising at least minimum subscription and Swala being able to satisfy ASX's conditions to re-quotation. Shareholders of Swala approved the transaction on June 22, 2017. The transaction is expected to complete on July 28, 2017. Trident Capital Pty Ltd. served as financial advisors to Swala. Mat O'Hara, Adam Myers and Ben Icke of BDO Corporate Finance (WA) Pty Ltd. acted as financial advisor to Swala Energy Ltd.