Local software company You.i Labs is looking to merge with Nevada's Drayton Harbor Resources Inc. and to work on mobile solutions for the U.S. firm.
You.i announced Drayton, a mining company, had entered into a letter of intent for a development services agreement that would see You.i developing "certain mobile content creation and delivery solutions for the company and associated intellectual property."
According to U.S. Securities and Exchange Commission (SEC) filings, Drayton will pay $50,000 to You.i within the next five days, as an advance payment towards an initial services fee payment of $500,000. As part of the letter of intent, Drayton is also looking to raise $5 million through a private placement of its common stock at a price of no less than 35 cents per share.
Drayton will also have the exclusive right for a period of 60 days to acquire all of the issued and outstanding shares of You.i Labs in exchange for 500,000 shares of Drayton's common stock.
You.i works with solutions for gaming, art, mobility, mathematics, man-machine interaction, and software design. The company specializes in designing software for graphical user interfaces (GUIs) and human machine interfaces (HMIs).
The two companies plan to enter into a definitive agreement on or before Nov. 30.
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