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First Light Capital agrees to acquire mobile software company vMobo

First Light Capital Corp. agreed to acquire all issued and outstanding securities of vMobo Inc. through share exchange and other means of business combination that the parties will determine.

First Light Capital and vMobo will negotiate and enter into definitive agreements, which will stipulate the final terms and structure of the transaction. The parties are expected to enter into definitive agreements on or before March 31.

The Canadian investment company proposed to issue common shares in its capital to vMobo shareholders, wherein one First Light share will be given for each vMobo share. The First light share issuance will take place after the consolidation of the vMobo Shares on a 3.08:1 basis and a consolidation of the First Light shares on a 2.39:1 basis.

First Light Capital expects to issue 42.1 million shares in relation to the transaction and based on the current capital structure of vMobo.

Upon completion of the deal, First Light Capital will be listed as a Tier 2 Technology issuer on the TSX Venture Exchange and will carry on the business of vMobo.