Chemicals and equipment manufacturer XRF Scientific (ASX:XRF) entered into a conditional share purchase agreement to acquire 100% of Labfit's shares for an upfront consideration of about AU$1.2 million, according to a Friday filing with the Australian bourse.

The consideration will be funded from the company's cash reserves, with 15% of the total to be paid in company shares, the filing said.

The sale is expected to be settled by Dec. 20, provided all conditions are met, according to the filing.

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