Technology developer Techniche (ASX:TCN) has called an extraordinary general meeting to allow shareholders to vote on the proposed a $3 million share placement.
The company plans to issue 75 million shares at a subscription price of 4 cents per share. The “placement”: http://www.cfoworld.com.au/news/532253/techniche-raises-3m-to-fund-ungent-buy/ was oversubscribed.
During the meeting, shareholders will first vote on issuing company directors with 15.5 million shares. If this resolution passes, they will then vote on whether to issue 59.5 million shares to the investors keen to take place in the rights issue.
Techniche is also conducting a 1-for-1 rights issue to raise a further $3 million. The proceeds from both will be used to fund the £3 million ($4.92 million) purchase of asset management software developer Ungent.