Australia: White Star Resources, a small cap mineral exploring company, has signed a conditional exclusive agreement to acquire imagery service provider Spookfish. Spookfish is an emerging geospatial company focussed on high resolution imagery solutions, and has developed technology with potential to deliver linear and 3-D image solutions.
The acquisition is subject to due diligence and definitive agreements during an exclusivity period. White Star has received firm commitments for a $1.35 million capital raising, which will give it a cash balance of over $4 million.
Following an up-front payment of $250,000, 160 million ordinary shares will be issued to Spookfish, with further shares to be issued subject to Spookfish reaching certain revenue targets. White Star also has the right to acquire a 12.5% equity interest in Spookfish for $1 million, which will be funded by the $1.35 million capital raising.
According to reports, Spookfish is in the process of testing the first phase of its linear-asset capture capability, which would represent a technical proof-of-concept step that will confirm the viability of future development stages.
The Spookfish technology aims at increased levels of resolution and accuracy for geospatial imagery, full 3D and oblique imagery and complete end-to-end solution with web portal delivery at reduced costs.
The high resolution aerial imaging market is part of a global industry known as “Geographic Information Systems” which helps companies and governments build, maintain and extract maximum value from their physical assets.