Shares in gold and tin exploration company Minrex Resources jumped after it announced a backdoor listing for real estate industry disruptor Hello.
Minrex will acquire 100% of Hello Real Estate Limited for $6.75 million in shares. Minrex will then change its name to Hello Real Estate.
A key condition for the acquisition is a minimum $5 million capital raising to be used for the expansion of the Hello business.
Hello is a licensed real estate business operating in New South Wales, South Australia, Victoria and soon, Queensland.
People selling a property themselves get a fixed-fee service providing web listings, advertising, negotiation, conveyancing and professional mentoring.
Simon Durack, executive director of Minrex, says the strategic shift will see the company emerge fully funded for growth in an exciting new field.
“Hello is set to really shake up the current players in the real estate market, introducing an innovative and comprehensive new offering,” he says.
Minrex shares are up 17.5% to $0.10.