Wild Acre Metals (ASX:WAC) is progressing with the acquisition of wearable hearing technology company Nuheara Pty Ltd.
This follows the successful completion of technical, commercial and financial due diligence.
The company is finalising legal and intellectual property due diligence, which is expected to be completed by 24th Friday 2015, following which a shareholders meeting to approve the acquisition will be held in August.
Preparations have started on a prospectus to raise up to $5 million to fund the business objectives of Nuheara.
Nuheara is developing proprietary hardware and software to deliver multi-functional audio wearable technology that augments a user’s hearing and facilitates cable free connection to smart devices.
With the launch of the Apple Watch and other consumer hardware devices, the wearables market is forecast to substantially increase in the next three years. International IT research organization CCS Insight has forecast that 250 million wearable devices will be in use by 2018.
Further, voice recognition technologies are becoming more mainstream with consumer adoption of personal digital assistants like SIRI, Google Now and thousands of voice-enabled apps.
Protoype development is underway, targeting commercial production by end of 2016.
Nuheara has established partnerships with leading organizations to support its successful commercialisation.
It has entered into a partnership with Curtin University of Technology in Western Australia to deliver new processing techniques and intellectual property for augmented hearing with communication capabilities for a range of consumer applications.
Nuheara has also partnered with Wearable World Inc., the world’s leading incubator of wearables technology companies based in San Francisco, to assist with its market development program.
Wild Acre will acquire Nuheara in consideration for the issue of 130 million WAC shares at a deemed issue price of $0.008 to shareholders of Nuheara.
The acquisition is subject to a number of conditions including:
- Completion of due diligence;
- Wild Acre obtaining all regulatory approvals;
- Conditional approval from the ASX for the reinstatement of its securities to official quotation following completion of the acquisition;
- Wild Acre completing a capital raising to raise such amount as is sufficient to meet ASX Listing Rule 1.3; and
- The company obtaining all necessary shareholder approvals.
The company will also seek approval to change its name to Nuheara Limited.
It is currently in discussions with several parties regarding the divestment of the Mt Ida Gold and
Nickel Project in Western Australia.
Wild Acre is also in discussions with third parties regarding funding future exploration activities at the Sambalay Silver Project in Southern Peru.
