19/02/2008 - 10:28

pieNETWORKS launches $1.5m cap raising

19/02/2008 - 10:28

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Osborne Park-based internet kiosk developer, pieNETWORKS Ltd, is hoping to raise a total of $1.5 million through the placement of 83 million new shares at 18 cents each to private investors.

pieNETWORKS launches $1.5m cap raising

Osborne Park-based internet kiosk developer, pieNETWORKS Ltd, is hoping to raise a total of $1.5 million through the placement of 83 million new shares at 18 cents each to private investors.

An initial placement of 39 million shares to raise about $700,000 has been made, pursuant to the company's ASX Listing Rule 7.1 (15 per cent) initial placement.

The second tranche of the placement comprising 44 million shares to raise approximately $800,000 is conditional upon shareholder approval at a general meeting, to be announced shortly.

The proceeds of the placement will be used to progress development and sales and marketing activities for the company's Hotspot Webphone and for general working capital purposes.

The company intends to make an offer under tits shareholder share purchase plan to enable existing shareholders to participate in the current capital raising.

The terms and timing of the proposed SPP offer will be announced following completion of the current placement.

pieNETWORKS develops and operates managed public internet access and VoIP telephony infrastructure.

 

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