Serpentine in reverse takeover of K-TIG

14/03/2019 - 14:35

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West Perth-based Serpentine Technologies has signed a non-binding term sheet to merge with fabrication technology business K-TIG.

Serpentine in reverse takeover of K-TIG
K-TIG’s owns the rights to a high-speed precision technology.

West Perth-based Serpentine Technologies has signed a non-binding term sheet to merge with fabrication technology business K-TIG.

As part of the deal, Serpentine will undertake a $5 million capital raising at a price of 3.5 cents each post consolidation, and Adelaide-based K-TIG will raise $1.06 million via a convertible note issue.

Serpentine shareholders will have an approximately 10 per cent stake in the new the entity, which will be named K-TIG.

K-TIG’s owns the rights to a high-speed precision technology, which was developed by the CSRIO, and welds up to 100 times faster than traditional TIG welding.

In a statement, Serpentine said the funds raised by both parties would support the continued growth and market penetration of the technology.

K-TIG chief executive Neil Le Quesne will lead the merged entity.

Serpentine Technologies said its primary focus as a business was identifying asset and business acquisitions to add value for its shareholders.

It said it also continued to assess development options for its Design Campus business, which is an online platform for members to subscribe to design courses that feature relevant training content.

Kabuni was a North American based e-commence software platform that connected home designers directly with homeowners and tenants,

In 2017, Kabuni sold its core business and became Serpentine Technologies, with its registered address moving to Perth.

Shares in Serpentine last traded at 0.4 cents each.

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