iCar Asia Limited
(ASX:ICQ) is looking to raise $3.5 million in a 1 for 44 rights issue in conjunction with a share placement to raise $11.5 million.
The automotive portal company says the issue price under the rights issue will be $0.65 per share and will match the price under the placement.
Shares will be issued under the placement on Friday 10th July and will be eligible to participate in the rights issue.
The company aims to raise a total of $15 million under the rights issue and the placement with funds going towards new mobile apps and new advertising products.
iCar Asia reported a net loss of $16.7 million in the 2014 calendar year.
