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Originally posted by j_oshd
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ENTITLEMENT ISSUE – NON‐RENOUNCEABLE RIGHTS ISSUE AND PLACEMENT TV2U InternaƟonal Limited (ASX: TV2, “the Company”) announces that it intends to undertake a placement of up to 76,923,076 fully paid ordinary shares (Shares) at A$0.013 per share to raise $1,000,000 plus a 1 for 4 free aƩaching opƟon on the same terms as the currently listed opƟons (ASX: TV2O) to insƟtuƟonal, professional and sophisƟcated investors (Placement). The Company has received firm commitments under the Placement to raise $1,000,000. In addiƟon, the Company is pleased to announce it will be undertaking a 1 for 10 non‐renounceable rights issue (Rights Issue) to raise approximately $1,602,659 (before costs) through an offer of up to a maximum of 123,281,433 Shares. Shareholders who parƟcipate in the Rights Issue will also receive a 1 for 4 free aƩaching opƟon on the same terms as the currently listed opƟons (ASX‐TV2O) Both of the offers will be issued at $A0.013 per Share which represents (approximately) a 25% discount to the 15 Day volume weighted average price of Shares. Funds from the Placement will be used to strengthen the Company’s cash posiƟon moving into the final stages of service delivery for important contracts in Indonesia and Brazil. Due to a short‐term gap in the receipt of cash payments from operators the Company felt it would be prudent to strengthen its cash posiƟon prior to the extended Christmas break. The prospectus in respect of the Rights Issue will be lodged with ASIC and ASX and will include full details on how eligible shareholders may parƟcipate in the Rights Issue. The Rights Issue will be offered to shareholders registered on the record date of the Rights Issue with a registered address in Australia or New Zealand only. ‐‐‐ENDS‐‐‐
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I suspected that the funds is going to be used for divan.
