Tech entrepreneur Rob Newman and company director Ian Olson are leading the latest backdoor listing on the ASX, with their spatial data service Pointerra to join the exchange through a reverse takeover of Soil Sub Technologies.
Spookfish has made a solid debut on its first day of trading on the ASX after a backdoor listing, building on big gains over the past six months as investors were buoyed by the geospatial company's high-profile backers.
A surge in the number of backdoor listings was one of the few positives on the stock market in 2014, and two new deals for technology companies show there is more to come.
Perth-based explorer White Star Resources says it has raised about $5.1 million and completed due diligence on its acquisition of unlisted technology business Spookfish.
Subiaco-based White Star Resources, which is in the process of acquiring a technology business, will seek shareholder approval to increase its previously announced capital raising to $5 million, to accommodate a new prominent cornerstone investor.
White Star Resources has gained backing from Perth businessmen Rod Jones and Brent Stewart, who plan to invest in a $4 million capital raising to support the acquisition of Spookfish and Geospatial Investments.
Red Gum Resources and White Star Resources are the latest exploration companies to shift focus away from the resources sector, signing deals to move into geospatial imagery and internet travel bookings respectively.
West Leederville-based Whinnen Resources Ltd has entered into a conditional agreement to acquire an 85% interest in Fongo Tongo Bauxite Project in Republic of Cameroon, West Africa.
