26th Oct 2018 10:49
LONDON (Alliance News) - Digital music and radio services platform 7Digital Group PLC on Friday said it has agreed GBP1.5 million of funding from three shareholders.
This follows, earlier in October, the digital music company saying it had agreed GBP1.0 million of funds from two shareholders.
The new funding is convertible into shares before maturity in December 2019.
Chief Executive Simon Cole said: "I am pleased to see such significant shareholder support for the business. The loan finance allows us to cover the short term costs of our restructuring.
"This restructuring takes an annual equivalent GBP5 million of costs out of the business, consolidates our technology platforms after the acquisitions of the last two years, and should take us to the profitability and cash positivity which has been our aim for the last 18 months."
7Digital shares were down 0.8% on Friday at a price of 3.10 pence each.
Related Shares:
7DIG.L