The company says it will issue five new shares for every four shares while also offering its customers another capital raising opportunity as it seeks to raise an additional $1 million.

 

The funds will support the company’s strategic objectives and to invest in content and marketing. 

 

While there was no explicit mention of the US behemoth Netflix, whose entry into the local market is slated for early next year, the move will ramp up competition for content which is already fierce between a diverse mix of providers.

 

The company hopes to see the new shares trading by the end of December this year.

 

Quikflix reported a net loss of $10.1 million in the 2014 financial year.