Black Fire Minerals (ASX:BFE) is moving away from mineral...

Black Fire Minerals (ASX:BFE) is moving away from mineral exploration into the mobile games sector with its agreement to acquire Hong Kong’s Animoca Brands Corporation for 1 billion shares valued at $5 million.

It will also issue the vendor 600 million performance shares that will be converted to ordinary shares at $0.005 each subject to the company achieving certain revenues from Animoca for the years ended 30 June 2015 and 30 June 2016.

Animoca Brands develops and publishes mobile games for smartphones and tablets, primarily but not exclusively for the iOS and Android operating systems.

It 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.

Black Fire plans to divest its existing core assets and projects by way of a sale that may result in a distribution in specie to its shareholders immediately prior to issuing shares to acquire Animoca Brands.

It also 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.

The company will change its name to Animoca Brands Corporation.