DMN 0.00% 0.1¢ datamotion asia pacific limited

Announcement release after hours.DATAMOTION SIGNS ACQUISITION...

  1. 2,195 Posts.
    Announcement release after hours.

    DATAMOTION SIGNS ACQUISITION TERM SHEET AND UNDERWRITING FOR A PLACEMENT OF
    SHARES
    DataMotion Asia Pacific Limited (ASX: DMN), is pleased to announce that it has signed:
    ? a binding term sheet to acquire an option over 100% of the issued capital of MaxxZone Pty Ltd
    (Australia) (Maxx); and
    ? an Underwriting Agreement with Cunningham Peterson Sharbanee Securities Pty Ltd (CPS) for
    a strategic share placement to raise $221,400.

    Term Sheet
    Maxx is the owner and developer of a new internet based networking and sales site called MaxxZone.
    The transaction is subject to satisfactory completion of due diligence and signing of a formal option
    agreement.
    Michael Robson, Chairman of DataMotion said, "We have been actively pursuing acquisition
    opportunities that will grow the Company and improve our financial performance. MaxxZone is an
    exciting opportunity and we believe DataMotion shareholders will benefit from the value of their unique
    internet based product offering and ongoing commitment to innovation.”
 
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