Chaswood Resources’ reverse takeover deal with 3DOM Inc has been terminated, just ten days after the sales and purchase agreement was signed on Nov 5.
Under terms of the agreement, Chaswood was to acquire 70% of 3DOM Singapore by issuing new shares worth US$1 billion to Japan based 3DOM Inc.
If completed, the deal would see Chaswood Resources transform from a struggling F&B operator to a lithium-ion battery maker.
“Both parties had experienced significant differences in perspective and approaches in regard to the implementation of the Proposed Acquisition resulting in the parties’ mutual agreement to terminate the outstanding agreements,” states Chaswood Resources.
The company maintains there’s no financial impact of the termination as 3DOM Inc is paying for related expenses.
However, the termination will delay the company’s trading resumption. Its shares have been suspended since June 2018.
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Chaswood Resources says it has identified another potential business to be injected into the company.
“The company is of the view that the potential acquisition of the new business will place the company in a position to expand into new business areas and grow revenues, both of which will help rebuild shareholder value,” the company adds.
According to the company, discussions with the potential new target is underway.
Photo credit: An image for structural illustration / 3DOM (Singapore)
