Mikoh gets $750k investment
- 02 June, 2011 17:28
Security technology company Mikoh (ASX:MIK) has received a US$800,000 ($751,000) funding injection from Kodiak Capital.
The company, which designs security products including RFID seals and data authentication technologies, said the placement will give it the funds to pursue its Thai project.
Mikoh last year announced it had won a five-year electronic vehicle registration contract in Thailand expected to be worth over US$25 million.
By August, it had received three orders from the project worth just over $3 million.
The agreement will see New York private investment fund Kodiak purchase the shares at a 15% discount based on the MIK share price leading up to the transaction.
The company will also issue an immediate commitment fee of 2 million shares at $0.02 each.
Earlier this month, Mikoh agreed to sell its security label printing unit at a net capital loss, but said it had reached a profit sharing arrangement that should allow it to nearly break even on the sale.
MIK shares stayed unchanged in Thursday's trading at $0.021.