Nemex Resources Ltd. (ASX:NXR) signed a binding heads of agreement to acquire remaining 60% stake in Wavefront Biometric Technologies Pty Ltd for AUD 28.1 million in stock on June 9, 2015. Nemex Resources will issue 224.98 million shares as consideration in the transaction. 25% of their total consideration shares will be escrowed for 3 months from completion and 75% of their consideration shares will be escrowed for 6 months from completion of the transaction. As of July 31, 2015, the agreement is signed. As of September 17, 2015, Wavefront shareholders agreed to the sale. As of November 24, 2015, Nemex agreed to acquire 10.5% stake in Wavefront fromt clients of Cicero for 45 million shares. Upon completion of the acquisition, the current Directors of Nemex will resign from the Nemex Board and will be replaced by five new members including Shanny Dyer, Managing Director of Wavefront. As announced on July 31, 2015, the Board of Nemex following completion will comprise of Anthony Bertini as Chairman and Leigh Clapham and Steven Ezzes will join the Board. The transaction is subject to satisfaction of the following material conditions precedent by no later than October 31, 2015 including completion of due diligence by July 7, 2015, Nemex receiving shareholder approval, approval of the ASX to admission of Nemex to the official list following completion of the acquisition and re-compliance with Chapters 1 and 2 of the ASX Listing Rules, escrow agreements and Nemex completing a fundraising for a minimum of AUD 5 million. As on July 9, 2015 the due diligence period has been extended to July 15, 2015. As on July 16, 2015, Nemex Resources and Wavefront Biometric Technologies satisfactorily concluded their due diligence investigations. Intrasia Capital Pte. Ltd. and Wentworth Group Capital Partners advised Wavefront Biometric Technologies Pty Ltd on the transaction. Nemex Resources Ltd. (ASX:NXR) completed the acquisition of remaining 60% stake in Wavefront Biometric Technologies Pty Ltd on December 20, 2016.