raises $1m, investigating "significant corporate transaction"

Announcement comes after mobile device communications platform provider seals first major EU deal

ASX-listed mobile device communications platform provider, (ASX: MKB) has announced it has raised over $1 million in capital at a price of $0.10 per share and is in the process of investigating a "significant corporate transaction".

In a statement to the ASX, the company said the capital raising was done under a private placement and will be made under the approval given by shareholders at its annual general meeting in September.

It also said the formalities of the transaction would be completed over the coming days with any deal subject to shareholder approval. A spokesperson for the company would not provide further information.

“We are encouraged by this show of strong support from private and institutional shareholders, providing additional working capital to assist in its current carrier rollout program” managing director Ian Rodwell, said. “The company continues to make progress in acquiring new mobile telephone carriers supplying our product to their user base, and these additional funds will enable the company to better support those new contracts.”

In August the company announced it was in the process of raising $1.5 million in equity with funds coming through a private placement with "Triscreen Media Group (TMG) agreeing to invest a further $500,000 as part of the placement".

At the time of the announcement it said it was confident of "achieving at least $1.5 million under this placement".

Early in December, the company also announced it had signed its first major continental European deal with Telefonica Spain.

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