Thursday, 01 May 2014 02:08

mig33/Project Goth attracts funding from FIH Mobile Featured

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Project Goth (PGI), the US-based holding company which does business as mig33 - the Australian-founded social entertainment platform - has secured an initial US$2.2 million investment from global handset manufacturer FIH Mobile ahead of a listing on the ASX.

Reputedly now one of the largest social platforms in the world, mig33 was founded in Australia in 2006, then moved to Silicon Valley for three years, and is now headquartered in Singapore.

PGI, which recently acquired Hong-based artist entertainment community alivenotdead.com, is in the process of completing a reverse-takeover of mining company Latin Gold (ASX:LAT) to facilitate its ASX listing, with the transaction still subject to shareholder approval and successful completion of the merger with Latin Gold.

If shareholders approve the merger – scheduled to be completed by June - FIH is expected to emerge with an indirect interest of up to 19.9% through a share placement and additional investment in PGI of US$7.4 million.

FIH’s $2.2 million investment in PGI involves acquisition of a mix of existing securities and the rights to new shares. Latin Gold shareholders will vote on the issue of more shares to FIH at next month’s general meeting.

PGI CEO and Co-founder Steven Goh said securing the investment from FIH - which provides manufacturing services to the handset and wireless communications industries - 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.”

Goh said plans include the establishment of a development centre in Taiwan where FIH is based, focused on business development efforts and extending the company’s reach into the mobile ecosystem.

FIH is a subsidiary of the global consumer electronics manufacturer Foxconn Technology Group.

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