Quickflix raises $400k through WIN placement

Perth-based movie subscription company Quickflix Ltd has raised $400,000 through a placement to rural television-focused WIN Corporation Ltd, and today clarified the company's alliance agreement with the station.

The agreement, signed in December last year, provides for WIN to promote Quickflix's products to its viewers, as well investing $1 million in the company via a convertible notes issue.

The convertible note has a two and a half year term and is convertible at 35 cents per share at WIN's option upon achieving a minimum 20,000 regional subscribers. Quickflix has an option to convert at the lesser of 25 cents and the prevailing market price for its shares.

Quickflix raised $500,000 in November after WIN placed 2.5 million at 20 cents each in the company.