Cryptome, HealthLinx formalise merger plans
Wednesday, 21 December, 2005
The merger between Melbourne-based companies Cryptome Pharmaceuticals (ASC:CRP) and diagnostics developer HealthLinx has been formalised, following the firms entering a non-binding terms sheet in November.
The company previously announced that Cryptome will acquire HealthLinx for scrip consideration of AUD$6 million at a deemed issue price of $0.05 per Cryptome share. The merger is subject to shareholder approval and a capital raising, with the resulting company having a market capitalisation of $11.3 million.
The capital raising was previously set at $3.2 million, but the parties have agreed to a revised structure, with a capital raising for $2 million with capacity for oversubscriptions of a further $250,000. Investors can subscribe for shares at $0.05 and receive a free attaching option for every two shares. The company has received written commitments for the $2 million capital raising.
Once the merger is complete, Cryptome will change its name to HealthLinx, with HealthLinx' CEO Nick Gatsios taking the vacant Cryptome CEO role, replacing acting CEO Prof Matthew Vadas. AusBiotech founder and immediate past president Dr Peter Riddles has been proposed as the company's new chairman.
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