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MoneyOnMobile files preliminary prospectus for rights offering

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MoneyOnMobile files preliminary prospectus for rights offering

MoneyOnMobile Inc. has filed a preliminary prospectus for the distribution to common stock holders and preferred stock holders of non-transferable subscription rights to purchase up to 15 million common shares.

Assuming the rights offering is fully subscribed, including the entire over-subscription privilege, net proceeds are expected to be approximately $6.4 million, after deducting fees and expenses payable to the dealer-manager, and after deducting other expenses. The company intends to use the net proceeds for operating costs, retirement of those note obligations and for general corporate purposes, including working capital and to grow its operation in India.

The subscription rights will not be tradable. Each subscription right consists of a basic subscription privilege and an over-subscription privilege.