News: Promesa makes splash with social media acquisition

Promesa (ASX:PRA) should trade substantially higher after entering into a Heads of Agreement for an option to acquire Thredit Ltd, developers of the meta-social platform and unified social messaging app called thred.

The platform began development in 2013 and provides ‘Unified Social Messaging’ specialising in cross platform communications.

It continues the trend for exploration companies to move out of mining and resources and move into the technology sector.

Thredit is a first mover meta-social and media sharing application that allows instant access to all social media friends, followers and contacts from a single interface, with the potential to connect billons of social media users.

Thredit has also developed machine learning engines and a neural network that learns users' preferences.

The core suite of products are expected to be officially launched in mid 2015 with additional features and modules released throughout the year.

Thredit will be launched as a platform and there are several third party applications and content partnerships preparing to enter the market shortly after launch.

Implementation of the transaction will be subject to completing due diligence, shareholder and regulatory approvals and completion of a minimum capital raising of $5 million.

All mining tenements currently held or applied for by Promesa will be disposed of following successful completion of this transaction.

The total consideration payable by Promesa to Thredit shareholders for the acquisition will be 250 million ordinary shares and 140 million performance shares in Promesa, in each case at a deemed issue price of $0.02 each.

Prior the transaction, Promesa was capitalised at $2.5 million.