Harris Technology Group Limited (ASX:HT8) entered into a binding heads of agreement to acquire Lincd HQ Pty Ltd from First Growth Funds Limited (ASX:FGF) on January 17, 2019. Under the terms of the agreement, Harris Technology will issue 30 million fully paid ordinary shares on shareholders meeting day, issue tranche two of 20 million options exercise price of AUD 0.025 when LINCD generates no less than AUD 1.35 million in revenue within 24 months of the issue date and issue 20 million options with exercise price of AUD 0.035 when LINCD generates no less than AUD 1.05 million in revenue within 24 months of the issue date. In case if Harris Technology fails to obtain the relevant shareholder approvals for the tranche 1 shares, tranche 2 options or tranche 3 options it shall paid, at the option of First Growth Funds, make a cash payment in lieu of those securities. No later than seven days after the general meeting date, one of the current Harris Technology directors will resign and be replaced by a First Growth Funds representative. Upon completion LINCD founder, Prasanth Kumar Rasam, will remain as the Managing Director of LINCD. The transaction is subject to shareholder approval and conclude a share purchase agreement. A meeting of shareholders to approve the issue of shares to First Growth Funds is expected to be held in late February 2019. First Growth Funds will use the proceeds from the transaction to repayment of the loan and any accrued interest.

Harris Technology Group Limited (ASX:HT8) completed the acquisition of Lincd HQ Pty Ltd from First Growth Funds Limited (ASX:FGF) on May 24, 2019.