Midwinter Resources NL (ASX: MWN) signed a heads of agreement to acquire Capricorn Iron Limited from Fehu Capital Pty Ltd, Wilgus Investments Pty Ltd and Richmond Resources Pty Ltd in stock on June 10, 2010. Midwinter Resources will issue 1 million shares in Midwinter within five business days of the end of the due diligence, 4 million issued on approval of the transaction by shareholders, 5 million on meeting all regulatory requirements, 10 million AUD 0.25 contributing shares partly paid to AUD 0.01 when a JORC resource of 200 million tonnes at a grade of no less than 30% is established, 5 million to be issued when a JORC Resource of 500 million tonnes at a grade of no less than 30% iron is established and 5 million issued when a JORC resource of 1 billion tonnes at a grade of no less than 30% is established.

The deal is to be completed in two tranches with the acquisition of 49% and 51% stake separately. The deal is subject to Midwinter shareholders approval and regulatory approvals. Midwinter has 30 days to complete due diligence.

Midwinter Resources NL signed a binding agreement to acquire Capricorn on July 21, 2010. Due diligence has also been completed. As of September 13, 2010, the shareholders of Midwinter Resources NL approved the transaction. As of September 20, 2010, Midwinter Resources completed the acquisition of 49% stake in Capricorn Iron Limited by issuing additional 4 million shares in Midwinter.

The deal of the remaining 51% stake is now subject to the approvals from the South African authorities.

Midwinter Resources NL (ASX: MWN) completed the acquisition of Capricorn Iron Limited from Fehu Capital Pty Ltd, Wilgus Investments Pty Ltd and Richmond Resources Pty Ltd on January 24, 2013. The deal was approved by South African Department of Mineral resources.