Mobile messaging company MGM Wireless (ASX:MWR) has launched a share purchase plan to raise up to $350,000.
Shareholders can apply for up to 1 million new shares at $0.0085 per share, with the minimum application being 100,000 new shares. The price represents a 17% discount on the average price of MWR shares immediately prior to the offer.
MGM Wireless said it will hold the right to accept or reject oversubscriptions to the SPP.
MWR shares are today trading 9% lower at $0.010.
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