Uscom Ltd. is planning to issue and sell A$1.8 million in new shares to private investor Steven Meng.
The company will issue 13 million new shares priced at 13.5 cents per share under the placement, giving Meng a 10.3% initial stake in the company.
Uscom plans to use the proceeds to manufacture devices and add staff.
The company said the raising was facilitated by Sinonew Capital Advisory of Beijing.
As of Dec. 15, US$1 was equivalent to A$1.31.