Social entertainment platform migme Limited (ASX:MIG) has decided to pull out of a proposed placement due to its share price over the past fortnight and global market volatility.    

 

Singapore based migme believes it is no longer possible to complete the proposed placement at the quantum and price premium originally intended. 

 

The company says it will continue to assess strategic funding options as they arise but has no immediate need to raise additional capital. 

 

migme has also advised it had $5.9 million cash on hand at the end of  2014 and more than 10 million monthly active users.

 

migme reported a net loss of $1.29 million in the 2014 financial year.