DeClout

DeClout: its wholly owned subsidiary, Corous360, has signed an MOU with Take5 Games Asia and IAHGames to operate the Take5 platform in SE Asia, Taiwan, HK and Macau, along with right of first refusal for Mainland China for a period of 18 mths. Take5 is an online skill-gaming platform that allows players from across the globe to compete with one another on multiple device formats to win points, rewards and prizes. A group of game developers from around the world is actively working with Take5’s proprietary software development kit to integrate their games with the Take5 platform, including several Asian market-focused Singaporean owned and based developers such as Daylight Studios, Tyler Projects, Swagsoft, Aptivise and Mojo Forest. The initial version is expected to launch before end 2013. Separately, the group proposes to undertake a renounceable non-underwritten 1-for-2 rights issue at issue price of $0.11 per rights share. 70% of the net proceeds of approx $11m will be used to fund the group’s expansion by way of new business ventures, JVs, and/or investments in related businesses, and the remainder for working capital purposes.