NSX (ASX:NSX) said CNSX Markets, the Canadian Securities Exchange market operator, raised its offer to acquire all of the shares in NSX that CNSX does not already own through a scheme of arrangement, by 14% to AU$0.04, according to a Monday filing with the Australian bourse.

The board recommends that shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an expert's opinion that the offer is in the best interest of the shareholders, the filing said.

The scheme is expected to be effective by Oct.15, the filing added.

The company also extended its facility with Cyprus-based ISX Financial EU by an additional year, the company said.

Shares of the company rose 12% in recent Monday trade.