(MENAFN- ProactiveInvestors)
Public Holdings (Australia) Limited (ASX:PHA) has entered into a binding terms sheet to acquire Australian software developer Your Dash Pty Ltd for 60 million shares.
Your Dash has a scalable software platform that enables users to create an online visual biography to preserve the life stories of themselves or others.
Its primary target market is about 26000 funeral homes plus ancillary support businesses which act as suppliers to the funeral industry in the U.S.
It proposes to generate revenue through direct sales and by charging monthly fees to funeral providers for listing on the Your Dash directory and will seek to monetise the marketing of the products and services of support businesses.
The acquisition includes a contingent entitlement to up to a further 20 million PHA shares subject to satisfaction of revenue based milestones.
It is conditional upon Public Holdings:
- Conducting due diligence enquiries;
- Completing a capital raising of $1.6 million at $0.08 per share;
- Obtaining all necessary shareholder and regulatory approvals;
- Re-compliance with requirements of Chapters 1 and 2 of the ASX listing rules; and
- Prior to completion of the acquisition subject to the satisfaction of certain conditions PHA making a subscription for shares in Your Dash which will represent a 20% interest in Your Dash.
The company will also carry out an initial capital raising of $365000 at $0.05 per share.
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