Bone Medical backs out of Takor deal

Perth company Bone Medical has cancelled plans to acquire geospatial data intelligence firm Takor Group in a $3.5 million reverse takeover.

In a brief statement today, Bone Medical said binding term sheets to acquire Perth entrepreneur Amir Farhand-led Takor had expired, and, by mutual agreement between the parties, had not been extended.

“The company has reached agreement with Takor for the repayment of funds loaned by Bone to Takor as part of the transaction,” Bone Medical said.

Bone Medical shares have been locked in a trading halt since Monday.

Meanwhile, Perth-based Chrysalis Resources is moving ahead with plans to acquire Peppermint Innovation through a reverse takeover, after raising $3.87 million from investors as part of the deal.

Chrysalis offered 193.7 million shares at an issue price of 2 cents each.

The offer was managed by lead manager DJ Carmichael.