Shares in mobile security solution provider Nexbis (ASX:NBS) have fallen nearly 5% since the company announced a $20.9 million rights issue.
The three-for-five non-renounceable rights issue has been priced at $0.07 per new share, and will involve the issue of nearly 299.4 million new shares.
Nexbis said it will use the proceeds to fund working capital expenditure for the rollout and implementation of new and existing projects.
The company had a challenging FY10, with the company reporting a $21 million first half loss and losing a tender to design Vietnam's road safety project.
NBS shares are today trading 4.76% lower at $0.080.