(MENAFN- ProactiveInvestors)
() is currently in the process of acquiring artificial intelligence company BrainChip Inc which has developed a hardware-only neural computing technology.
It has now been granted an ASX trading halt in relation to the proposed transaction.
Aziana had in mid-March secured the exclusive option to acquire BrainChip by paying a fully refundable option fee of $400000.
This option fee was funded in part by a $250000 loan from major shareholder () which has a 13.73% direct interest in Aziana.
The loan is repayable 180 days from 17th March 2015 with interest payable of 12% per annum.
may after 150 days from 17th March 2015 elect to receive repayment of the loan through the issue of fully paid ordinary shares in the capital of Aziana instead of cash to be calculated on the lower of:
- 2 cents per share; and
- The VWAP of the shares for five ASX trading days prior to the repayment date noted
above.
Aziana has also entered into a security deed granting security over the assets of Aziana. The company has secured an ASX waiver in relation to this.
The halt will last until the earlier of the announcement being made or the start of trade on Wednesday 8th April 2015.
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