Brainworks Capital managing partner and founder Mr George Manyere

Published: 09 October 2013

TORONTO Stock Exchange listed exploration firm Rock Tech Incorporated is on the verge of acquiring the entire stake of private equity firm Brainworks Capital Management in a reverse takeover deal.

After the acquisition the Zimbabwean private equity firm will then pursue its short to medium term goal of a separate listing on an a liquid international stock exchange.

The initiatives follow the signing in July this year of a letter of intent between the parties for Rock Tech to purchase the entire issued and outstanding shares of Brainwork Capital Management.

The acquisition is intended to take the form of a corporate combination where, subject to regulatory and shareholder approval, Rock Tech will acquire all of the issued and outstanding shares of Brainworks in exchange for common shares in the capital of Rock Tech.

Brainworks Capital managing partner and founder Mr George Manyere confirmed the potential acquisition by Rock Tech and plans to list Brainworks Capital on the Toronto Stock Exchange.

"Both those two issues are correct and we have been working on them since we launched a pre-Initial Public Offering in November last year and we are clear about our objective in the short to medium term to list the company on an international stock exchange," said Mr Manyere.

"We have made progress on the growth strategy of the company to create the much needed liquidity and attract investment capital willing invest in Brainworks but have been waiting for us to list," he said.
- herald

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