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MoneyOnMobile's rights offering starts subscription period

MoneyOnMobile Inc. started the subscription period of a rights offering seeking to raise between $4 million and $10 million.

The offering is scheduled to end June 6. The offering allows holders to exercise their subscription rights to purchase one common share for each common share held or common shares issuable upon conversion of preferred shares held as of the record date of May 11. Right holders received one $6 subscription right for every common share owned on the record date.

MoneyOnMobile plans to use the net proceeds to provide working capital to expand growth in India and for general corporate purposes.

Advisory Group Equity Services Ltd., doing business as RHK Capital, is acting as dealer-manager. Mackenzie Partners Inc. is the information agent and Securities Transfer Corp. is the subscription agent in the offering.