SINGAPORE (July 12): Lifebrandz is making a foray into the goldmining industry.

Lifebrandz said it had entered into a non-binding term sheet on Tuesday with Asidokona Mining Resources to acquire the entire issued and paid-up share capital of Tolukuma Gold Mines.

The purchase consideration of US$212 million ($286 million) will be satisfied in its entirety by the allotment and issue of new Lifebrandz shares.

This comes after Lifebrandz on the same day terminated the sale and purchase agreement entered into with Healthtrends Medical Investments on July 16 to acquire shares in four companies in the healthcare and wellness business.

See Lifebrandz to transform into healthcare and wellness group in $100 mil RTO deal

Incorporated in Papua New Guinea, Tolukuma Gold Mines is the owner of a non-operational gold mine. Tolukuma also holds five exploration licences and one exploration licence under application. The licences cover a combined area of 1,239 sqkm in central Tolukuma.

Vendor Asidokona Mining Resources is an investment holding company incorporated in Singapore and the sole shareholder of the target company.

The vendor is wholly-owned by Soh Sai Kiang, co-founder and non-executive chairman of Artivision Technologies, a company listed on the Catalist board.

Soh is also the lead independent director of Sin Heng Heavy Machinery and a director of Capital Markets (Singapore) of UOB Kay Hian.

Lifebrandz says it also plans to raise up to US$20 million by way of convertible bonds on terms to be agreed between the parties. It will also grant a loan of up to US$17 million to the target company for its working capital purposes within two months from the execution of definitive agreements.

Lifebrandz shares last traded at 0.2 cent.