Mooring Systems moves on key transaction

Under the agreement the company will pay $600,000 cash and will issue 6 million shares at 50 cents.

Conditions include MSL raising at least $850,000 by a renounceable rights issue under which shareholders may subscribe for 3 further ordinary shares for each 2 ordinary shares issued under the company's prospectus and investment statement last November. Further shares will be issued for 50 cents.

Notice of a special meeting to be held to consider the proposed key transaction is being sent to shareholders.

Mooring International has commercialised an automated docking system using a vacuum pad which is used on Tranz Rail's inter island ferry Aratere.

It envisages developing and marketing the system further afield and has filed three patents on its technology.

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