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My Net Fone Raises A$1 Million |
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Written by Adam Gosling
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Tuesday, 03 July 2007 |
Private investors have pumped an additional A$1 Million in to VoIP service provider MyNetFone with one half coming from investors and the other half coming from the peering provider Symbio Networks.
My Net Fone said in a statement to the ASX that the capital raising added a A$1 million before costs and that half (A$500,000) came from professional investors through the issue of 2,777,778 full paid ordinary shares as a price of A$0.18 per share and 5,555,556 attaching options at an exercise price of A$0.25 and expiring 30th April 2009.
The company said it expects to issue the share this week.
The other placement was made to Symbio Networks Pty. Ltd, a related party to My Net Fone limited. This placement will convert existing debts to Symbio Networks in to My Net Fone equity and is subject to shareholders' approval at the next AGM to be announced separately.
This placement, if approved, will be at the same price as the first placement.
The new shares will rank equally with the Company's ordinary shares. The proceeds from the placement will provide the Company with additional working capital to continue the accelerating rate of customer sign-ups to the MyNetFone network.
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