News: King Solomon Mines continues due diligence on cloud acquisition

King Solomon Mines (ASX:KSO) is taking more time to acquire cloud-based pre-employment reference check platform Xref Pty Ltd.

Both parties agreed to extend the due diligence period until 19th September 2015.

Xref allows prospective employers to seamlessly and professionally conduct pre-employment reference checks on suitable candidates via an online candidate-referencing system.

The company is acquiring Xref for 2.5 billion KSO shares and a further 2.5 billion performance shares in three tranches that convert on satisfaction of certain milestones.

It is subject to completion of legal and financial due diligence; KSO entering into binding full form sale and purchase documentation with Xref shareholders; KSO completing a capital raising of at least $3 million; and re-complying with Chapters 1 and 2 of the ASX listing rules.