News: Minerals Corporation's Megastar Millionaire acquisition on the move

Minerals Corporation' (ASX:MSC) acquisition to acquire 100% of online, mobile-first, music competition platform, Megastar Millionaire Pty Ltd is gaining momentum.

Megastar has acquired 1% of the total issued capital of Social Media Studio, a Los Angeles social media emerging artist studio.

Minerals Corporation will also be seeking the approval of shareholders to change its name to MSM Corporation International Limited with the acquisition of Megastar.

Megastar will connect musicians and fans in an innovative and interactive experience that mobilises and individualises the search for new artists.

As part of the acquisition of San Francisco based Megastar, MSC will seek to raise at least $3,000,000 in new working capital by the issue of MSC shares.

It will also seek regulatory approvals.

As part of the acquisition, existing directors, Nicholas Ong and Andrew Tunks will step down from the Board. Matthew Foy will remain as a non executive director.

Doug Barry, co-founder of Selby Ventures, is engaged to chair the U.S. operations based in San Francisco.

Notably, Barry was an original venture investor in Pandora Media, now the largest global internet music streaming service with over 100 million registered users and nearly $1 billion in revenue.

Megastar will nominate three persons to the Board on completion of the transaction including Adam Wellisch and Dion Sullivan.

The cost of the investment by Megastar in Social Media Studio is understood to be US$50,000.