PieNetworks plans to raise over $3m

Osborne Park-based PieNetworks is aiming to raise almost $3.5 million through a 1-for-1 non-renouncable entitlement issue at 1 cent per share.

The capital raised by the internet kiosk developer and distributor will be used to fund the production and deployment of the second generation Pie "Hotspot" Webphone around Australia and New Zealand, and to repay a short term loan facility.

The pricing has been set at 1 cent to provide an incentive for all investors to participate and the issue will be partially underwritten to a minimum amount of $1.3 million.