Biopharmaceutical company Bone Medical has announced plans for a reverse takeover and backdoor listing of a geospatial data intelligence company founded by Perth entrepreneur Amir Farhand.
It owns the android-based mobile mapping and data collection platform Mappt, as well as a location-based social media app Kojai, which was a Business News App of the week in January.
Bone Medical will wholly acquire Takor in exchange for 387 million shares which, at the company’s last closing share price of 0.9 cents, is valued at about $3.5 million.
Bone Medical will also issue 350 million performance shares to Mr Farhand, subject to the achievement of certain milestones.
The company will also be required to complete a $3 million capital raising at a minimum price of 2 cents each, in order to comply with ASX relisting rules.
GMP Securities Australia has been appointed as lead manager to the capital raising.
The company expects to begin trading under its new name and business model on August 27.
Bone Medical shares surged by 77.7 per cent to 1.6 cents a share at 9:30am.