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Navigator Resources plans reverse takeover of pharma business

Navigator Resources Ltd. plans to acquire First Pharma Pty. Ltd., an Australian over-the-counter pharmaceutical business, in a reverse takeover.

Under the heads of agreement, the company will issue 940,909,901 shares and cancel and reissue up to 112,250,000 options at completion of the deal.

Navigator will also look to conduct a capital raising as part of the transaction, according to a March 27 news release.

The acquisition is expected to close in August.

The company raised A$2 million in mid-March 2016 and announced it would work on the re-quotation of its shares.