22nd Jun 2015 14:25
LONDON (Alliance News) - Mporium Group PLC, formerly MoPowered Group PLC, Monday said it has fulfilled its obligations under the the share swap agreement with Cxense ASA.
In May, the company changed its name after shifting its strategy and re-launching its mobile commerce offering upon acquiring digital marketing agency, Fast Web Media Ltd, and securing a licensing deal with Oslo stock exchange-listed Cxense.
As part of a conditional services agreement with Cxense to license Cxense's technology suite of software-as-a-service products, Mporium and Cxense agreed to swap shares of a value of GBP500,000.
On Monday, Mporium said Cxense shareholders approved the issue of 51,177 new Cxense shares to Mporium. The company said its obligations to Cxense under the share swap is now complete.
Under the share swap agreement in May, Cxense also agreed to participate in Mporium's share placing of 156 million shares at a price of 2.00 pence with an investment of GBP500,000.
"This partnership with Cxense is important to our business strategy of making merchants more successful in all aspects of their m-commerce opportunity. We are delighted to have formed this strategic alliance and expect it to be hugely beneficial to Mporium going forward," said Chief Executive Barry Moat.
Mporium shares were up 2.7% to 5.39 pence per share on Monday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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