UPDATE 2.30pm: Mobile handset giant Foxconn is set to emerge with a 19.9 per cent stake in the new entity that will emerge from the backdoor listing of Steven Goh's social network mig33 through Latin Gold.
Foxconn International Holdings (FIH) will initially invest $US2.2 million in mig33 holding company Project Goth (PGI) and then a further $US7.4 million, giving it 40 million new Latin Gold shares at an issue price of 20 cents on a post one-for-five consolidation basis.
PGI chief executive and co-founder Steven Goh said securing the investment from FIH was a strategic move for the company.
"We're excited to be working with one of the great leaders in mobile, and securing this relationship will be pivotal in our ambitions to make the company as great as it can be," he said.
Latin Gold said the FIH investment would provide the new listed entity, to be named migme, with the opportunity to substantially accelerate its growth plans.
"This includes the planned establishment of a development centre in Taiwan, where Hon Hai is based, which will be focused on business development and extending the company's reach into the mobile telephony network," Latin said in a statement.
FIH have been invited to nominate two directors to join the board of the new company.
A general meeting to consider Latin's proposed merger with mig33 will be held in late June.
Mig33 is multi-platform social media company with 100 million users mainly across South East Asia, the Middle East and Africa.
Foxconn manufactures and assembles as many as 50 million phones a month for tech giants such as Apple and Samsung.
Latin Gold shares closed up 1.1 cents, or 18.33 per cent, at 7.1 cents after emerging from a trading halt.