Data and transaction services company Connxion Ventures (ASX:CXN) has scaled back it capital raising plans, and now intends to issue between $3 million and $5 million new shares to fund its Asian expansion.
The company had been approved to raise up to $10 million in new capital at an extraordinary general meeting in June, but has since decided its planned activities require the raising of no more than $5 million.
Connxion said the decision was also made because it will minimise shareholder dilution.
The shares will be issued at no less than $0.045 per share, the company said. CXN shares are currently trading at $0.042.
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