Venture-backed shell ZipLocal seeks to raise $15 mln, rebrand

ZipLocal Inc (NEX: ZIP.H) intends to raise up to $15 million through a brokered private placement that is expected to close before the end of October. Concurrent with this transaction, the company is undertaking a proposed change of business which will see it renamed BoB Ventures Inc. ZipLocal has been a Toronto-based listed shell company since its advertising platform assets were acquired by Canpages Inc in 2009. The current company's leading shareholder is Canadian venture capital firm Relay Ventures.

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