Frugl eyes takeover target and completes raising

The news: Grocery comparison app Frugl is in talks with a potential takeover target, the tech company noted in a cleansing notice on Thursday. The target was not named, but Frugl noted it was a "complimentary entity" in-line with Frugl's data and analytics focus.

The numbers: The note came as Frugl issued 48,555,555 ordinary shares at a price of $0.009 per share. The tech company is currently trading at $0.008 per share after handing back most of its gains from a late winter rally that peaked at 2 cents.

The context: Frugl is positioning for growth - the completed share issue comes a month after Poynton chair John Poynton raised $225,000 in a private placement for the WA-headquartered tech company. The Frugl app allows users to compare product prices at grocery stores, build diet plans and avoid products with allergens. It also provides data on price changes in various product sectors.