Intelligent Monitoring Group Limited (ASX:IMB) entered into a binding agreement to acquire Mammoth Technology Group Pty Ltd for AUD 3.4 million on May 20, 2022. The consideration includes AUD 2 million in cash and issuance of 8 million shares of Intelligent Monitoring Group. Intelligent Monitoring Group intends to conduct an equity raising of AUD 10 million via an accelerated 1 for 1 non-renounceable entitlement offer of fully paid ordinary shares in Intelligent Monitoring Group. The proceeds raised from the entitlement offer will be used to fund the cash component of the acquisition of Mammoth. Mammoth founder and Chief Executive Officer, Rob Hilton will be joining Intelligent Monitoring Group as an Executive Director. Subject to shareholder approval, Rob Hilton is eligible for AUD 2 million in performance rights, which are subject to the vesting conditions as Rob Hilton remaining employed with Intelligent Monitoring Group for a period of three years from the date of issue and the share price of Intelligent Monitoring Group reaching AUD 0.4 per share. In conjunction with the transaction, Dennison Hambling, Executive Director of Intelligent Monitoring Group will be moving into the role of Managing Director.

Intelligent Monitoring Group Limited (ASX:IMB) completed the acquisition of Mammoth Technology Group Pty Ltd on July 4, 2022.