MOKO raises $8m in placement

UPDATE 1.55pm: MOKO Social Media has announced an $8 million placement to bolster its balance sheet and support the company in developing its various projects.

The company will place 38.1 million new shares priced at 21 cents each with institutions and sophisticated investors including its own directors Hans de Back and Peter Yates.

MOKO chairman Greg McCann said the placement would ensure MOKO had a strong balance sheet that would support continued development of its projects, including REC*IT, RunHaven and Bluestreetreview.com.

Shares in MOKO closed up half a cent at 23.5 cents.

The West Australian

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