June 11, 2015 -
The move comes more than a year after Nemex Resources increased its interest in Wavefront to 40%, with the option to increase it to 51%.
Three months later, Nemex announced that the Australian Securities Exchange (ASX) granted the company a trading halt until the opening of trade on July 25, 2015, or earlier if an announcement is made to the market.
The acquisition agreement will see Nemex issue a number of its shares that will result in Nemex holding 49% of the company’s issued capital once the deal is completed.
Nemex first revealed in May that the confidential commercialization activities are underway with international mobile device manufacturers, resulting in a significant price catalyst.
Previously reported, Wavefront Biometric Technologies Pty Ltd filed a provisional patent application over newly identified intellectual property generated during the Phase 2 development program.