Drake Resources Limited agreed to acquire 100% of the issued capital in Genome Technologies Ltd. Once the Acquisition is finalized, Drake plans to replace all but one of the existing board members and seek to appoint new Australian board members, together with board members from Genome. The Acquisition contemplates the appointment of Mr. Rani Lifshitz as Chairman of the Board of Directors of Drake with Genome having the right to nominate up to an additional three directors to the Board from Mr. Amir Rasilevski, Mr. Harel Borovik and Mr. Zion Osmo. The new appointments will replace two existing directors of Drake with Brett Fraser remaining as a director.

Drake's CEO, Jason Stirbinskis, will also step down as part of the Acquisition.