Global Cloud based software platform Dropsuite, has announced reverse takeover of Excalibur Mining Limited in order to expand global footprint and top tier reseller partners.
Dropsuite Limited will be issuing a prospectus to raise AU$8 million with Australia’s securities regulator, the Australian Securities and Investments Commission. It is offering up to 80 million shares at an issue price of $0.10 per share, to raise the proposed amount, with a minimum share subscription of AU$5 million.
Dropsuite expects the RTO of Excalibur Mining to be completed by 30 November 2016 and to be reinstated and begin trading on the ASX by this date. Dropsuite’s Chief Executive Officer, Charif Elansari commenting on the launch of prospectus said,
There are 30,000 websites hacked daily, and 62% of SMEs do not routinely back up their data. We have developed cost effective backup and recovery solutions that are both feature-rich and complexity free, to help users protect and backup their website, email, mobile or server data.
In the opinion of the Directors of Excalibur, market conditions in the mining and exploration sectors have made it very difficult to raise funds to continue exploration at the Tennant Creek Project and elsewhere.
Recently, the Company has been evaluating investment opportunities outside the resources industry for the benefit of Shareholders. In January it announced that it had entered into a Memorandum of Understanding with Dropsuite to acquire 100% of all rights and title in all the issued capital of Dropsuite subject to certain conditions. Then two months later, it entered into agreements to acquire all of the issued capital of Dropsuite via Greenbase, a special purpose vehicle incorporated in Australia.
The public offer is being conducted to provide funding for the advancement and further development of the Dropsuite business in the Australian and international market and to provide administration, funding and working capital for the Company.
Charif added,
We are very pleased to be in the process of transitioning into a listed company and will continue to work with enthusiasm and dedication in order to reach this key company milestone.
Last week, Dropsuite had partnered with Singapore-based ICONZ-Webvisions to reach more customers on a reseller basis. It enables SMEs worldwide the ability to backup, recover and protect their digital assets.
Dropmysite had been in the news in January 2016 for its attempt to go public on the Australian Securities Exchange (ASX). They decided to take the opportunity to rebrand itself to Dropsuite. Its products, previously under the brands Dropmysite (website backup), Dropmyemail (email backup), and Dropmymobile (phone backup), will now be part of the overall Dropsuite brand.
Australia-based Excalibur Mining Corporation Limited is engaged in minerals exploration and investment in companies that owns and manages producing or near producing mining operations.
