Oct 3 (Reuters) - Tesserent Ltd TNT.AX :
* SIGNS SALES & PURCHASE AGREEMENT FOR ACQUISITION OF PS&C LIMITED'S SECURITY DIVISION
* DEAL FOR $16M
* DEAL FULLY FUNDED WITH $9M CASH, $5M TESSERENT EQUITY AT $0.05 PER ORDINARY SHARE AND $2M CASH OR EQUITY AT TESSERENT'S OPTION
* IF ACQUISITION PROCEEDS, TESSERENT WILL BORROW UNDER A $7M CONVERTING NOTE