Online movie rental company Quickflix (ASX:QFX) has launched a one for two rights issue to raise up to $3.2 million.
Shares under the non-renounceable rights issue will be offered at 3 cents each – a 33% discount on Quickflix' 30 day weighted average closing price.
The maximum number of shares to be issued is 106.6 million. Any shortfall will be placed by the directors within three months of the issue's closing.
QFX shares are today trading 15% lower at $0.034.