Mobile social networking platform operator MOKO.mobi (ASX:MKB) has issued a prospectus for a 1-for-5 rights issue to raise up to $2.8 million.
The price of the non-renounceable rights issue has been set at $0.12 per share, MOKO.mobi said.
The proceeds from the issue will be used as working capital for the company, and to fund possible joint ventures with - and acquisitions of - complementary content providers and specialist mobile marketing businesses.
While it has not been overwritten, directors and several major shareholders have committed to supporting the issue, the company added.
MKB shares are today trading unchanged at $0.080.
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