Bone Medical to buy local tech firm

Biopharmaceutical company Bone Medical has announced  plans for a reverse takeover and backdoor listing of a geospatial data intelligence company founded by Perth entrepreneur Amir Farhand.

Bone Medical is acquiring Takor Group, which provides businesses and consumers with information by capturing, utilising and analysing spatial or geographical data.

It owns the android-based mobile mapping and data collection platform Mappt, as well as a location-based social media app Kojai, which was a Business News App of the week in January.

Bone Medical will wholly acquire Takor in exchange for 387 million shares which, at the company’s last closing share price of 0.9 cents, is valued at about $3.5 million.

Bone Medical will also issue 350 million performance shares to Mr Farhand, subject to the achievement of certain milestones.

The company will also be required to complete a $3 million capital raising at a minimum price of 2 cents each, in order to comply with ASX relisting rules.

GMP Securities Australia has been appointed as lead manager to the capital raising.

Following completion of the takeover, Bone Medical will change its name to Takor Group and two of its existing directors, Robert Towner and Philip Wingate, will resign.

Mr Farhand will become managing director, while Takor co-founder Ivan Gustavino and non-executive director Guy Perkins will also be appointed to the board.

The company expects to begin trading under its new name and business model on August 27.

Bone Medical shares surged by 77.7 per cent to 1.6 cents a share at 9:30am.