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pieNETWORKS proposes $1m share placement

pieNETWORKS proposes $1m share placement

Investors in internet kiosk operator pieNETWORKS (ASX:PIE) will on July 8 vote on whether to issue 50 million new shares in a $1 million fund-raising exercise.

Directors are proposing to issue 50 million shares at 2 cents per share. If given approval, they will issue the shares within 7 days of the shareholder meeting.

The directors are also asking shareholders to ratify the previous issue of 100 million new shares at 2 cents per share. Under ASX rules, companies may issue shares equal to less than 15% of existing share capital without investor approval.

A third resolution proposing to issue up to 20 million options to CPS Securities as payment for advisory and fund raising services will also be put to shareholders.

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