Global GeoscienceLtd. said April 12 that it executed a binding term sheet to acquirea global logistics management software platform, GetSwift, in its bid to transform"into a new company in a new industry."
The majority shareholders in Distributed Logistics Group Pty.Ltd., operator of GetSwift, have granted the company an exclusive 45-day due diligenceperiod.
If due diligence is successful, Global Geoscience will issue300.0 million common shares and 45.0 million performance rights in exchange forall of the issued capital of Distributed Logistics.
In addition, the company will issue up to 135.0 million managementperformance rights, which will convert to ordinary shares. The management performancerights will expire if the milestones are not achieved within 48 months of completingthe acquisition.
Global Geoscience has already paid an execution payment fee ofA$250,000 to Distributed Logistics on the signing of a binding term sheet.