News: Western Mining Network to pounce on acquisition

Western Mining Network's (ASX:WMN) shares were halted on the ASX on Friday pending details of an acquisition.

Last month the company signed a Memorandum of Understanding to acquire up to a 51% stake in stages of Carbon Nano-Material Technology Co., Ltd. which is located in Pohang, South Korea.

Carbon Nano-Material currently manufacturing various refined graphite and graphene carbon materials including Carbon Nano Tubes, Multi-walled Carbon Nano Tubes, Graphite Nano Fibers, and Cell Carbon Nano Fibers.

It also holds several patents and has further patents pending relating to processes for the manufacture of these materials at significantly lower costs than other manufacturers.

The halt will remain in place until the opening of trade on Tuesday 14th July 2015, or earlier if an announcement is made to the market.