West Australian online marketing company Mpire Media has merged with Fortunis Resources in a deal worth $10 million ahead of a backdoor listing on the ASX.
It seems that it is not just Western Australia that is jumping on the ASX bandwagon to raise funds; we have identified a number of Asian technology startups that are also turning to the ASX as opposed to the Singapore Stock Exchange to raise capital or seek funding from investors and angels.
Something is happening over in Western Australia. In January 2013 reports in the media spoke about the growing number of backdoor listings on the Australian Securities Exchange were seen as being quicker and easier than arranging a traditional IPO for smaller mining companies. Most of these companies such as Wolf Petroleum, that listed last year after a reverse takeover involving Strzelecki Metals Ltd and Orecorp who listed in a backdoor deal with Silver Stone Resources Ltd.
Now it seems technology startups are in the limelight.