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Resource Star Ltd to acquire australian cloud services provider

Thursday, 31 Jul 2014 07:00pm EDT 

Resource Star Ltd:Says that it has secured an exclusive Option to acquire 100 pct. of the issued capital of Australian cloud computing service and infrastructure provider Cloud Lands Digital Fortress Pty Ltd.Says subject to the payment of an Option fee of $100,000, Resource Star has been granted a 90 day option period from the date of execution of the Terms Sheet (Option Period) in which to conduct due diligence on Cloud Lands.Says resource star may exercise the Option at any time during the Option Period.Says upon the exercise of the Option, each of the shareholders of Cloud Lands (CL Shareholders) will be deemed to have entered into agreements to sell their respective shareholdings in Cloud Lands to Resource Star.Says where the option is exercised by Resource Star, completion of the Acquisition will be conditional upon the satisfaction of a number of condition including completion of a capital raising of not less than $3,500,000, a consolidation on a ratio of 50:1. 

Company Quote

19 Dec 2014