iSentric (ASX:ICU) is planning to raise $4.35 million through a fully underwritten entitlement issue to fund the cash component of the acquisition of Arte Mobile Technology.
The one for four non renounceable entitlement issue of 19,340,741 shares is priced at $0.225 each.
In November, the company signed a binding Sale and Purchase Agreement to acquire Arte Mobile.
Arte Mobile has exclusive distribution agreements with Indonesia’s PT Lingua Asiatic and PT Alpha Media Communications for the distribution of mobile content in Indonesia and an agreement to manage PT Glow Music
The acquisition is to be funded through the issue of $9 million worth of new shares in ICU valued at $0.25 and cash consideration of $9 million
It will allow iSentric opportunities to deploy its mobile content and payments technology in Indonesia, which is significantly larger than iSentric’s existing market in Malaysia.
Arte Mobile is expected to generate net profit after tax for the financial year ended 2015 in excess of A$2.2 million.
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