Blackfire Minerals (ASX:BFE) has executed a formal Share Purchase Agreement for the acquisition of Animoca Brands Corporation.
In June, BFE signed a Term Sheet with the vendors of Animoca Brands to acquire the company, a global developer and publisher of mobile games.
Consideration for the acquisition remains unchanged, being 1,000,000,000 ordinary shares and 600,000,000 performance shares at $0.005, on a pre-consolidation basis.
Completion of the acquisition remains subject to shareholder approval.
Animoca Brands is focused on creating games using licensed intellectual properties, as well as publishing well-known games developed by third parties.
Several Animoca Brands mobile games leverage a portfolio of globally-recognised brands including “Garfield,” “Ben 10,” “Doraemon,” “Ultraman” and other popular licensed intellectual properties from around the world.
BFE plans to divest its existing core assets and projects that may result in a distribution in specie to its shareholders immediately prior to issuing shares to acquire Animoca Brands.
It proposes to undergo a capital consolidation after the acquisition of Animoca Brands and will then raise additional capital of between $3 million and $5 million.
BFE will also change its name to Animoca Brands Corporation.
