23/07/2008 - 22:00

ipernica in $16m deal

23/07/2008 - 22:00

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West Perth-based intellectual property company ipernica Ltd has entered into a $16 million agreement to acquire geospatial media company NearMap Pty Ltd, which has selected Perth for its initial prototype testing.

West Perth-based intellectual property company ipernica Ltd has entered into a $16 million agreement to acquire geospatial media company NearMap Pty Ltd, which has selected Perth for its initial prototype testing. The legally binding agreement allows ipernica to acquire a 100 per cent equity interest in NearMap, which creates high-resolution aerial photomaps with multiple view angles similar to that of Google Earth.

ipernica said the difference was that NearMap was able to update its images more frequently and allow users to see environment changes over time with the ability to move back and forward month by month.

ipernica said high resolution photomaps have been captured monthly for the last six months over Perth, which now has the most detailed and changing photomaps ever flown for a city in the world.

Under the deal, ipernica will pay $4 million in cash and issue 60 million shares priced at 20c each and 12.5 million options at a strike price of 40c to NearMap.

As part of the deal, ipernica will inject up to $1 million into NearMap to support further growth while due diligence is carried out. Shareholder approval is also necessary. If the acquisition does not proceed, ipernica will retain a 10 per cent interest in NearMap as part of the initial $1 million fee.

In other acquisition news, Subiaco-based GBM Resources Ltd has inked a deal with gold miner Newcrest Ltd to acquire its copper gold assets in the Mount Isa region in a deal worth $2.6 million over the next three years.

GBM said today will acquire all of Newcrest's 10 exploration titles with identified mineral targets in the Mt Isa Inlier, part of the Mount Isa/Cloncurry region.

And the once friendly merger between Perth-based Perilya Ltd and Sydney-based CBH Resources Ltd has officially been terminated. Both companies have mutually agreed to cease a merger implementation deed first signed in March when CBH was offering three of its shares for each Perilya share.

In June, CBH increased its offer to 3.5 shares, which Perilya rejected. The Perth company questioned the benefits of CBH's Rasp and Endeavour projects, with the query following CBH's earlier announcement of cost reductions at the two operations.

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