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Quickflix surges on $5m funding deal
The West Australian

Shares in Quickflix surged at the open on news the company had secured a $5 million lifeline from Los Angeles-based media entrepreneur and billionaire, Alki David.

Shares in the TV and movie streaming company were up 0.8 cents, or 42.1 per cent, to 2.7 cents at 8.10am after hitting an earlier peak of three cents.

Quickflix announced after the market closed on New Year's Eve that Mr David would provide the cash injection via a convertible loan and bond facility.

Quickflix said it would use the money to restructure and pursue subscriber growth.

Mr David, who will join Quickflix's board, is heir to the Coca-Cola Hellenic shipping and bottling company fortune and owns internet-based television provider FilmOn.