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Gemcom raises $14.6m to fund Surpac acquisition

Canadian company Gemcom Software International Inc has made a $14.6 million private placement deal to help fund its $34 million acquisition of West Perth-based mining software provider Surpac Minex Group Pty Ltd.
Gross proceeds from the private placement will be held in escrow pending the closing of the cash and scrip acquisition.
Surpac Minex's systems span exploration through mine planning, supporting both open pit and underground operations.
The company generated revenue for the 12 months to 31 March 2006 of $19.3 million and net earnings of $2.7 million.
Audited revenue of the company has grown by an average of over 36 percent between July 2002 and June 2005, and over the same period earnings have grown on average by 50 percent a year.
Established in 1985, Gemcom is a global provider of Mine Production Management Solutions (MPMS) and delivers technical mining applications, professional services, training, and support.

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