Cerro Mining Corp. (TSXV:CRX) signed a letter of intent to acquire Datinvest International Ltd. (TSXV:DAI.H) from Jason Birmingham on June 27, 2013. The security holders of Cerro and Datinvest will each hold 50% equity ownership of the resulting issuer. Datinvest will advance a non-refundable sum of CAD 0.03 million to Cerro. The loan will be secured by certain of Cerro's currently-held marketable securities. Post acquisition, Cerro will be required to complete a financing raising gross proceeds of not less than CAD 0.1 million and at a price not less than CAD 0.05 per unit. Cerro will be required to enter into debt settlement agreements. Concurrent with the closing of the transaction, Cerro will be required to enter into debt settlement agreements so that Cerro's debts are not more than CAD 0.09 million plus such amounts agreed to by Cerro and Datinvest to a maximum of CAD 0.12 million.

The board of directors of the resulting issuer is expected to consist of five individuals, the names of whom will be specified in the definitive agreement. Two of the Directors will be nominated by the current Board of Directors of Cerro, two will be nominated by Datinvest, and the final Director will be nominated jointly by Cerro and Datinvest. The Officers of the resulting issuer will be agreed to in the definitive agreement. The transaction is subject to conditions including, each party's completion of due diligence, the execution of a definitive agreement between Cerro and Datinvest, TSX Venture Exchange approval, receipt of approvals of the shareholders of both parties. It is contemplated that the business combination will take place by way of a plan of arrangement under the British Columbia Business Corporations Act or other statutory procedure. The definitive agreement is expected to be executed on or before July 26, 2013. As reported on August 30, 2013, under the terms of the second amended and restated letter of intent, the parties have extended the settlement and execution date to September 24, 2013. All other terms of the letter of intent will remain the same.