SEEC Media Group (HKG:0205) is looking to raise net proceeds of HK$39.9 million from the issue of 368,071,365 rights shares at HK$0.11 apiece, a Wednesday Hong Kong bourse filing said.

The advertising agency will issue one rights share for every two existing shares held by qualifying shareholders.

The rights shares represent 33.33% of the company's enlarged issued share capital.

The firm will use proceeds from the issue to repay bonds payables and other payables of corporate expense and advertising and marketing expenses, as well as for general

working capital.

If the rights issue becomes unconditional, the firm may modify certain terms under a share option scheme of the company. There are currently 115,640,000 outstanding options convertible into the same number of shares.