Entertainment Media and Telecoms Limited (ASX: ETC) is selling nearly 235 million new shares in a bid to raise capital to fund the company's major projects.
The shares are being sold at $0.04 a piece, and will raise nearly $10 million in working capital.
The company had previously announced that it had signed a five-year contract with the Malaysian Government to supply its NexCode technology for use in Malaysian immigration work visas.
The contract is said to be worth $60-80 million over 12 months.
The company is predicting that it will earn $10 million in profit for the 2008 financial year, and $48 million in 2009.
ETC shares were trading at $0.07 at time of writing.