Palace Resources (ASX:PXR) has completed the security sale agreement for the acquisition of TikForce Pty Ltd from SiliciumRok Pty Ltd.
TikForce is a platform that operates on the internet, mobile phones and tablets that tracks jobs and tasks allocated to workers, contractors and employees that are working on-site or mobile.
It allows team controllers to allocate work to existing team members or contractors and to post that work to the work pool.
Workers can make themselves available for defined types of work at specific times and locations.
TikForce provides a suite of tools to track tasks and work in progress and interface to reporting, accounting and human resource systems.
Palace will acquire 100% of the shares in Tikforce Pty Ltd by issuing 30 million shares.
It will also issue:
- 8 million class A Post Consolidation convertible performance shares which will convert to 8 million fully paid ordinary shares on achieving 10,000 paid users;
- 12 million class B Post Consolidation convertible performance shares which will convert to 12 million fully paid ordinary shares on achieving 20,000 paid users;
- 16 million class C Post Consolidation convertible performance shares which will convert to 16 million shares ordinary shares on achieving 30,000 paid users; and
- 20 million 28th February 2016 Post Consolidation options exercisable at $0.11.
Subject to completion of the acquisition, the company will change its name to Tikforce Limited.
