Lion is acquiring the 33% of the project held by unlisted One Asia Resources in a scrip deal valued at A$16 .5 million.
Lion is a 35% shareholder in One Asia.
The plan is for the shares and options being issued in consideration for Pani to be distributed among One Asia shareholders.
Meanwhile the 66.6% holder of the rest of Pani is Indonesian firm Provident, which was introduced to the project by One Asia after an ownership dispute that emerged in 2013 involving another Indonesian firm J Resources.
Following the reaching of an unspecified agreement in December last year, J Resources has now walked.
Title for the project is now being finalised after...