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Minerals explorer buys up ePAT

Minerals explorer buys up ePAT

An innovative software company has been sold to ASX-listed mineral exploration company MinQuest.

Firms: GRT Lawyers (MinQuest Pty Ltd); Bellanhouse Legal (Electronic Pain Assessment Technologies Pty Ltd)

Deal: MinQuest Pty Ltd (MinQuest) has acquired Electronic Pain Assessment Technologies Pty Ltd (ePAT).

Value: A$4.2 million

Area: M&A, Finance

Key players: The GRT team advising MinQuest was led by the firm's equity capital markets group.

Deal significance:

ASX-listed MinQuest has completed its $4.2 million acquisition of ePAT, after closing a public capital raising to fund the purchase.

The acquisition was made by way of exchange for shares, and the readmission of ePAT on the ASX will see it list a market capitalisation of approximately $13.5 million.

MinQuest is a mineral exploration and project development company involved in exploration, scoping and feasibility studies, as well as copper-gold and multi-commodity base metal projects.

ePAT is an innovative software company involved in the development and commercialisation of pain assessment app technologies.

According to capital markets firm GRT Lawyers, which advised MinQuest on its acquisition, the complex transactions involved included capital raising under a prospectus, a consolidation, resource asset divestiture and a shareholders’ meeting.

Relevant legal and regulatory aspects also required certain changes in the nature and scale of the company's activities.

The company obtained conditional approval for ePAT’s ASX relisting. GRT Lawyers said this is expected to occur in a matter of weeks, adding that ePAT will be “one of the last listed entities to complete a transaction prior to the introduction of the new ASX listing rules in December 2016”.

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