Shareholders in smart card security solution developer 4C Security (ASX:FCS) have approved a plan by the company to raise up to $1.05 million via multiple share placements.
At an extraordinary general meeting, the shareholders voted to approve plans to issue up to 18.1 million share options each to ekoGlobal and Pierce Security.
In exchange the parties have agreed to repay up to $350,000 each of the company’s debt if they choose to convert the options to shares. The shares are issued at an effective price of 2 cents per share.
In addition, shareholders also agreed to a plot to raise at least $350,000 in capital via the issuance of up to 17.5 new shares.
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