Highlights:
- Eco Quest moves to acquire 100% of Cynata Inc;
- Company name proposed to be changed to Cynata Therapeutics Limited;
- Cynata licensed technology: unique, proprietary stem cell technology originating from renowned University of Wisconsin - Madison;
- Conditionally underwritten minimum capital raising to initiate stem cell product development program;
- Exciting transformational event taking Eco Quest into the vibrant field of regenerative medicine.
Eco Quest Limited (ASX:ECQ) (ECQ or the Company) is pleased to announce that it has exercised the options to acquire the balance of Cynata Incorporated (Cynata) shares that it does not already own (Acquisition). This follows the Company’s announcement on 12 July 2013 that it had entered into option agreements with the shareholders of Cynata to acquire their shares in that company. Completion of the Acquisition is subject to various conditions, including ECQ shareholder approval.
Consideration for the Acquisition, by which ECQ’s interest in Cynata would increase from 33.2% to 100% of Cynata’s issued shares, is a total of 200,000,000 fully paid, ordinary shares in ECQ (subject to consolidation of those ECQ shares prior to their issue).
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