March 20 (Reuters) - ZipTel Ltd ZIP.AX :
* SIGNED A BINDING AGREEMENT TO ACQUIRE ALL OF ISSUED SHARE CAPITAL OF DOUUGH LTD.
* WILL SEEK RE-ADMISSION TO OFFICIAL LIST OF ASX TO BE RENAMED DOUUGH LTD
* WILL ACQUIRE DOUUGH VIA ISSUE OF 500 MILLION FULLY PAID ORDINARY SHARES IN ZIP AT DEEMED ISSUE PRICE OF $0.02/SHARE TO SHAREHOLDERS OF DOUUGH
* WILL SEEK TO RAISE MINIMUM OF $3.5 MILLION THROUGH ISSUE OF 175MLN SHARES AT A PRICE OF $0.02/SHARE
* POST DEAL, CURRENT BOARD OF ZIP WILL RESIGN AND BE REPLACED BY NEW BOARD MEMBERS