Sydney based Ardent Resources (ASX:AWO) which has embarked on a change of direction and a placement to raise $5 million toward the acquisition of OK IOT Group Pty Ltd has requested a trading halt for its shares.
The move represents Ardent’s transition into the growing industry of internet-connect products known as the “internet of things” including wearable, internet connected devices.
IOT’s focus encompasses internet-connected devices such as watches, homes, TVs, cars and clothing.
The company had received a strong response to the raising with commitments from high net worth and institutional investors for $5 million.
Ardent shareholders are expected to approve a change in the nature and scale of Ardent’s activities and acquisition of OK IOT Group Pty Ltd.
The trading halt is requested until Tuesday 19 January 2016.
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