Europtronic Group plans to transform itself into a gold‐mining player through a reverse takeover deal and the disposing of its existing businesses. Under a memorandum of understanding, Europtronic will acquire Gold Impact, a gold‐mining operator in China's Jiangxi Province  ‐ for $160mil. Under the proposed reverse takeover deal, Europtronic will make payment to the vendors in the form of new Europtronic shares. The deal is subject to due diligence reviews, board and exchange approvals, and the condition that after the transaction, Europtronic will have $15mil in cash and no debts or liabilities.

Source: The Business Times / Bloomberg / Straits Times