Medora, a locally based internet start-up, plans to raise US$230,000 ($19.6 million) in 2011 via private placement in order to offer discount travel and leisure packages, according to filings to the US Government. It represents the latest local online venture in a market dominated by US websites.”We are still in the process of setting-up and I will be going to the US before year end in order to speak to the lawyers who will make the final decision when to open the placement,” Medora president Craig McKenzie told the Business Observer in a telephone interview on Monday about the company incorporated in May this year. The company raised an initial US$40,600 via private placement in the US and currently has some US$23,000 in working capital. It now is in the process of offering a second offer with its 60 page prospectus already posted to the Securities and Exchange Commission in the US. More
