Xiana Mining Inc. (TSXV:XIA) (‘Xiana') entered into a definitive agreement to acquire Minera Altos De Punitaqui from Glencore plc (LSE:GLEN) for $25 million on May 18, 2018. The total consideration paid at the time of closing will be $5 million while the remaining $20 million will payable on the date of the second anniversary of the closing. Xiana will finance the acquisition through a placement of CAD 10 million ($7.4 million) and a convertible loan facility. Bluequest Sourcing AG advanced Xiana a $9 million secured convertible loan facility which was used to support the acquisition. The acquisition is subject to the receipt of various customary regulatory approvals, including approval of the TSX Venture Exchange and obtaining shareholder approval of the financing. The acquisition is expected to close by September 30, 2018, non-occurrence of which can lead either party to terminate the agreement.

Xiana entered into a deed of amendment with Glencore on October 24, 2018 regarding the transaction. Pursuant to the amendment, Xiana will pay $2.5 upon closing, $2.5 million on the first anniversary of the date of closing, $10 million on the second anniversary of closing and remaining $10 million on third anniversary of closing. The closing date is extended till October 30, 2018. Rita Adiani of NRG Capital Partners acted as financial advisor, Fasken Martineau LLP and Baker Mackenzie acted as legal advisor in relation to the acquisition while McCarthy Tetrault LLP acted as legal advisor in relation to the financing to Xiana.