Join our daily newsletter At The Bell to receive exclusive market insights
Airtasker (ART) is raising $6.25 million to fund the cash component of its deal to acquire the assets of Australia’s third largest local services platform Oneflare for $9.8 million.
Airtasker will also undertake a share purchase plan for $1.2 million.
Co-founder and CEO Tim Fung said the deal would enhance the Airtasker customer experience and deliver platform synergies.
“I’m super stoked to bring together Airtasker and Oneflare to create Australia’s number one marketplace for local services,” he said.
“Together we can offer our customers access to an even greater range of local services and faster response times, whilst creating more job opportunities than ever before.
“By acquiring Oneflare we also accelerate a push into higher value service categories including trades, home improvement and professional services to deliver on our mission: To empower people to realise the full value of their skills.”
ART is in a trading halt and it has a market cap of $212 million. Shares last traded at 51 cents.
Two other companies today announced they’re seeking capital: Black Rock Mining (BKT) and Pearl Global (PG1). Details are still to come.
Meanwhile, Monger Gold (MMG) enjoyed a tremendous share price spike off the back of the news it’s moving into lithium with a key acquisition.
Monger Gold has bought American Consolidated Lithium in a $2 million scrip deal.
The acquisition gives the company direct exposure to a large-scale lithium exploration project in Nevada, 330 kilometres from the Tesla gigafactory.
The vendor of the lithium play has contributed more than $1.7 million to a placement at 25 cents per share to allow exploration at the project to get underway.
The Deal Room spoke with Monger Gold’s non-executive chairman Peretz Schapiro.
The company has a market cap of $7.84 million and shares have been trading back from yesterday’s highs, at around 40 cents as of 2.44 pm AEST.
White Rock Minerals (WRM) has announced a placement of new shares to raise $2.4 million.
The capital raise is to fund recruitment, pre-production development and gold production from the Morning Star mine in Victoria.
The company has a market cap of $31.5 million, but shares are trading down 30 per cent to 14 cents as of 3:30 pm AEST.
Meanwhile, Senetas Corporation (SEN) has just completed a $5 million share placement to support an additional investment in subsidiary company Votiro Cybersec Global.
Senetas has a market cap above $47.5 million, but the value of its shares has dropped nine per cent on the news.
ASX IPOs today
US cobalt play Koba Resources (KOB) is on the board after raising $9 million at 20 cents per share.
It’s a spin out from New World Resources (NWC) and holds four assets in the Idaho Cobalt Belt.
Managing Director and CEO Ben Vallerine said the listing came at an opportune time.
“We have witnessed a significant spike in cobalt prices over the past 15 months, driven by increasing demand,” he said.
“Our portfolio is rich in potential, with cobalt as our primary target there is terrific exposure to the high-growth cobalt market.”
It traded as high as 24.5 cents before settling back around 23 cents this afternoon.
