Charter Pacific Corp. Ltd. said Oct. 7 that it is acquiring mobile biometrics solutions company Microlatch Group.

Both parties executed a share purchase agreement for Charter Pacific to acquire the group's patent portfolio, which covers key inventions and includes 26 registered patents that are globally focusing on biometrics security solutions.

Under the agreement, the company will acquire the issued securities from Microlatch security holders and will issue Charter shares at an issue price of A$21 million at 2 Australian cents per share.

The deal is subject to the approval of Charter Pacific shareholders and compliance with ASX listing rules.