King Solomon Mines (ASX:KSO) is progressing with the acquisition of cloud-based pre-employment reference check platform Xref Pty Ltd after completing the mutual due diligence process.
The next key steps are KSO entering into binding full form sale and purchase documentation with the shareholders of Xref and KSO shareholder approval of the transaction.
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 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.
