Bisan Limited (ASX:BSN) is raising up to $1.1 million through a...

Bisan Limited (ASX:BSN) is raising up to $1.1 million through a placement and rights issue as it prepares to set up a new business in Hong Kong that will sell brand smartphones.

The company is raising up to $785,515.00 through a two for three rights issue priced at $0.005 per share and a further $300,000 through a placement of 50 million shares priced at $0.062 each to professional and sophisticated investors.

For every share subscribed under the under the rights issue, the company will issue one option exercisable at $0.015 on or before 30 June 2018.

Proceeds will be used to fund ongoing operating costs and the acquisition of investments.

The new MyGeneration Smartphones will provide an offering initially in Hong Kong and then into Singapore and Dubai of different generations of brand smartphones from Apple and Samsung as APPLE and SAMSUNG to compete against local home brands in emerging markets.

These will be offered with various grades that will determine a competitive pricing model.

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