Golden Rock Global Plc (LSE:GCG) signed a binding heads of terms to acquire 2Mee Ltd for £4.2 million on August 17, 2023. The consideration payable will be satisfied entirely by the issue of new GCG shares, and is anticipated that it will be in the region of £6 to £8 million. The parties have agreed that GCG will be valued at the higher of (i) £1 million; and (ii) 15% of the market capitalization of the enlarged entity upon completion. As of June 17, 2024, Golden Rock Global announced the consideration payable by GCG to the shareholders of 2Mee will be less that previously indicated and the Board of GCG currently expects that the implied pre-money valuation for the enlarged group, being GCG as enlarged by the Proposed Acquisition, will be in the range of £3.8 million to £4.2 million.

The Company also announces that it intends to carry out a contemporaneous fundraising to raise further working capital for the enlarged group. Upon completion, the Company would apply for the re-admission of its shares to the Official List and the Main Market of the London Stock Exchange. The transaction is subject to the completion of legal and financial due diligence. There can be no certainty that the Proposed Acquisition will take place and it remains subject to, amongst other things completion of a fund raising.