30/04/2014 - 14:29

Crucible unveils reverse takeover plans

30/04/2014 - 14:29

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Dubber, a cloud based call recording platform, is preparing for a backdoor listing on the Australian Securities Exchange after signing a deal with West African gold explorer Crucible Gold.

Crucible unveils reverse takeover plans

Dubber, a cloud based call recording platform, is preparing for a backdoor listing on the Australian Securities Exchange after signing a deal with West African gold explorer Crucible Gold.

Under the deal, Crucible will provide the tech company with $500,000 to commercialise its voice recording software and if successful, the former will have the option to buy all of Dubber’s issued capital.

ASX-listed Crucible said it would acquire 100 per cent of Dubber by issuing the company with 136.5 million of its own shares. This represents about a 60 per cent stake in Crucible.

Dubber will receive an initial 29 million Crucible shares with a further 107 million performance shares available upon completion of varying performance milestones.

If the option is exercised, Crucible said it would seek to raise $3 million to fund Dubber and for general working capital purposes.

Dubber offers browser-based technology that allows businesses to record phone calls and manage audio content via cloud computing.

On completion of the deal, both Dubber and Crucible will be able to elect two directors to the board of the combined company, and Crucible will change its name to Dubber.

Meanwhile, US-based Helpa Inc, which operates the social media network Spring.Me, is preparing for a backdoor listing on the ASX as part of a deal with GRP Corporation.

Under the deal, GRP will acquire all the issued capital in Helpa, which will receive in return 60 million GRP shares as well as 40 million shares linked to performance milestones.

GRP, which was formally involved in the resources industry and more recently was working on a methane gas project in the US, said it would change its name to Spring Networks as part of the deal.

Dromana Estate, which is chaired by Gabriel Chiappini, said Melbourne-based technology investment group Dominet Digital would cornerstone the former’s acquisition of Cloud Central.

Dromana said Dominet had subscribed to a $3.5 million placement as part of its takeover of Cloud Central.

DJ Carmichael has been appointed as lead broker for the placement.

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