Managem S.A. (CBSE:MNG) entered into an agreement to acquire 70% stake in Tri-K Project from Avocet Mining plc (LSE:AVM) on October 10, 2016. Pursuant to the terms of agreement, Managem will acquire the initial 40% stake for $4 million and remaining stake will be transferred after completion of an agreed work program and subject to certain milestones. Managem committed $10 million to undertake work program. The transaction is subject to approval of the shareholders of Avocet Mining plc and governmental approval. As on December 20, 2016, the transaction was approved by the Guinea government. As on December 22, 2016, the transaction was approved by the shareholders of Avocet Mining PLC. As of May 22, 2017, first closing of the Tri-K project completed. Avocet received from Managem $4 million for 40% of in the project. As of July 4, 2018, the transaction is expected to complete in 2018. As of August 3, 2018, Avocet received notice from Managem regarding acquisition of remaining 30% stake. The transaction is expected to complete on September 4, 2018.

Managem S.A. (CBSE:MNG) completed the acquisition of 70% stake in Tri-K Project from Avocet Mining plc (LSE:AVM) on September 5, 2018.