Acuvax secures funding for due diligence into micro payments company
() has executed an agreement for up to A$250000 of funding from a sophisticated institutional investor to complete due diligence related to the acquisition of micro payments company Activistic Pty Ltd.
The investment consists of two unsecured convertible securities of $150000 and $100000.
These 12 month convertible notes have a capitalised interest of 12% per annum.
In October the company entered into a binding heads of agreement to acquire all of the capital in Activistic for 16827780 post consolidation shares and three tranches of performance shares.
It also agreed to undertake both due diligence of the acquisition procedure and provide loan funds and working capital to enable Activistic to continue with its micro-donations app development and roll out of the process in both the UK and the U.S.
Activistic has delivered a new cost efficient collection system for charities and other not for profit organisations through a technology that enables regular payments or contributions utilising a mobile phone network.
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