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MinQuest eyes switch to medical research sector

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MinQuest eyes switch to medical research sector

MinQuest looking to acquire an Australia-based medical research company and divest itsmining exploration business, according to the April 14 release.

Under the binding heads of agreement, the company will issue373,134,328 fully paid ordinary shares to acquire 100% of ePAT Pty. Ltd.

MinQuest will also undertake a preconsolidation capital raisingof up to A$500,000 for working capital needs and to meet costs associated with thetransaction, and a post-consolidation raising of A$3.0 million.

The transaction is conditional on satisfactory legal and financialdue diligence within four weeks, signing a binding, full-form sale and purchaseagreement with ePAT shareholders and MinQuest divesting its interests in copper-zincmineral exploration projects in Australia and Canada.