IFCA Technologies will issue 15 million new shares to raise R600 000, bolstering its earnings position.
IFCA's shares are currently trading at 4c, after closing 33.33% higher yesterday on the back of the news. Its 52-week high was a closing price of 8c, on 9 September last year.
The cash injection will narrow its loss per share of 1.84c to 1.60c and take its headline loss per share down from 1.75c to 1.52c, based on its latest figures to December. The positive movement arises as a result of more shares being in issue, which dilutes the company's losses across a broader base.
In the year to December, IFCA made a net loss of almost R2 million, an improvement on its 2008 loss of R35.9 million. The company said it was targeting a return to profitability.
IFCA Technologies is an investment holding company that has two subsidiaries. IFCA sWare focuses on the group's software solutions and services, and IFCA hWare on the group's computerised business equipment solutions.
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