Black Fire Minerals (ASX:BFE) is moving away from mineral exploration into the mobile games sector, and is now heading to market with a capital raising.
The ASX has granted the company a trading halt, with its shares placed in pre-open.
In June BFE agreed to acquire Hong Kong’s Animoca Brands Corporation for 1 billion shares valued at $5 million.
It will also issue the vendor 600 million performance shares that will be converted to ordinary shares at $0.005 each subject to the company achieving certain revenues from Animoca for the years ended 30 June 2015 and 30 June 2016.
Animoca Brands develops and publishes mobile games for smartphones and tablets, primarily but not exclusively for the iOS and Android operating systems.
It is focused on creating games using licensed intellectual properties, as well as publishing well-known games developed by third parties.
Several Animoca Brands mobile games leverage a portfolio of globally-recognised brands including “Garfield,” “Ben 10,” “Doraemon,” “Ultraman” and other popular licensed intellectual properties from around the world.
BFE proposes to change its name to Animoca Brands Corporation Limited.
The company is divesting its existing core assets.
The halt will remain in place until the opening of trade on Wednesday 13th August 2014, or earlier if an announcement is made to the market.
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