Goldminex Resources (ASX:GMX) is set to trade substantially higher after it signed share purchase deed to acquire the Enzumo Group of Companies, underpinning its change of strategic direction.
Enzumo Group configures third party software systems and develops, sells, implements and maintains proprietary commercial software tools and products for the financial planning and advisory industry.
The acquisition of Enzumo Group will form the basis for the development of a leading Australian financial technology and e-learning company.
Enzumo Group was founded in 2004 and has become a leading provider of financial planning software consulting, customisation and workflow solutions, e-learning management systems and e-learning content to the financial planning and advisory industry.
Enzumo’s clients include some of Australia’s largest banks and fund managers including ANZ and MLC. Revenues are a combination of consulting, implementation, support and recurring monthly subscription fees.
Under the terms of the share purchase deed, Goldminex has agreed to acquire 100% of the issued capital in the three companies that conduct, or will at completion conduct, the Enzumo business – Enzumo Solutions, Enzumo Consulting and Enzumo Admin.
Consideration payable is $1.6 million cash at completion subject to adjustments, the issue of 14 million Goldminex shares on a post “10 for 1” consolidation basis, and the issue of up to 5.4 million performance shares on a post consolidation basis.
The performance shares may convert into fully paid ordinary shares if certain EBITDA targets are met in the 2016, 2017 and 2018 financial years.
A capital raising will seek to raise a minimum of $3 million and a maximum of $5 million at $0.20 per share.
This is significant because it equates to $0.02 per share on a pre-consolidation basis - The last traded price of GMX shares was $0.007.
It is expected that the capital raising will include a priority allocation to existing shareholders of Goldminex and that interests associated with the continuing directors intend to take up their full entitlements.
The transaction is subject to shareholder approval, due diligence and ASX recompliance.
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