Digital marketing company Medicvision (ASX:MVH), soon to be known as Media3Corp, will proceed with the proposed $8 million purchase of mConnect Group after completing due diligence.
The company said it would reveal more details of the timing of the acquisition, including shareholder approval, in the coming weeks.
“The mConnect group has some exciting global expansion plans in the rapidly expanding mobile marketing industry, and the support of a publicly listed company behind us will be absolutely crucial to enable us to achieve those goals,” mConnect CEO Rob Hoath said.
Media3Corp, which announced the acquisition in August, said it would fund the acquisition through $3 million in cash, and 100 million shares at an issue price of $0.05 per share.
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