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OneFi Technology heralds plans for $20 million direct equity financing
Offering planned with Fahad al-Malik has $2 million initial commitment
By Devika Patel
Knoxville, Tenn., Dec. 6 - OneFi Technology Inc. said it plans a direct equity financing with Fahad al-Malik of Saudi Arabia. The company will raise $20 million.
The definitive terms of the financing are still being negotiated. The $2 million initial funding is expected to close just after Jan. 1, with the balance to be invested over a period of one year beginning in the second half of 2011.
OneFi Technology is a Los Angeles-based communications company.
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