27/01/2016 - 15:14

Excalibur plans reverse takeover

27/01/2016 - 15:14

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Perth-based Excalibur Mining Corporation’s shares closed over 150 per cent higher on news it was considering an acquisition of Singapore-based tech company Dropmysite for an undisclosed sum.

Excalibur plans reverse takeover
Dropmysite operates a cloud backup platform targeting small and medium enterprises through web hosting companies and IT resellers.

Perth-based Excalibur Mining Corporation’s shares closed over 150 per cent higher on news it was considering an acquisition of Singapore-based tech company Dropmysite for an undisclosed sum.

Excalibur directors have entered into a memorandum of understanding with Dropmysite, with plans to undertake due diligence on a reverse takeover and backdoor listing.

The company’s shares closed 166.6 per cent higher to 1.6 cents each.

Dropmysite operates a cloud backup platform targeting small and medium enterprises through web hosting companies and IT resellers.

“Dropmysite aims to simplify the backup experience for SMEs by providing users with an easy-to-use, unified platform that enables them to backup their key digital assets,” Excalibur said in a statement.

Its current platform of services includes the Dropmysite flagship website and recovery service, Dropmysite email backup and archiving, and Dropmymobile, for restoring and migrating Android phones.

The technology is already deployed in over 100 countries.

Excalibur said if the decision is made to pursue the new proposed business direction, it would dispose of its current resources project.

Dropmysite is led by former Google and Dell executive Charif Elansari.

The deal is subject to due diligence, at least 85 per cent of Dropmysite shareholders voting in favour of the agreement, Excalibur obtaining shareholder approval, and re-compliance with chapters one and two of ASX listing rules.

 

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