March 17 (Reuters) - Rubik Financial Ltd (RFL) : Resolved to...

March 17 (Reuters) - Rubik Financial Ltd (RFL) :

• Resolved to undertake a proposed capital raising by way of a non-renounceable 1:7 rights issue at a price of $0.10 per share
• Such a raising would see the company issue up to approximately 52.9m new shares, raising approximately $5M (net of costs).
• Iain dunstan, rubik's CEO, has indicated that he currently intends to apply for up to 2 million shares in a shortfall application
• Co is currently in discussions with viburnum funds regarding the possibility of viburnum funds underwriting the rights issue
• Purpose of proposed rights issue is to provide capital for up to $3 million to accelerate co's key banking and wealth innovation pipeline