Technology investment company M2M Corporation (ASX:MCL) has proposed issuing up to 225 million new shares to raise capital for investments and acquisitions in new business segments.
The shares would constitute just over 13% of the company’s expanded equity capital, and will either be handed over directly as part of these payments payments, or sold to investors to raise cash to use for the purchases.
M2M shareholders will vote on the proposal at a general meeting on May 11.
MCL shares are currently trading at $0.002. At this price the share issue would be worth up to $450,000.