30th Mar 2016 07:47
LONDON (Alliance News) - Digital media and technology company Milestone Group PLC on Wednesday said it has raised funds and settled debts to creditors through a share issue at a significant premium.
Milestone raised GBP540,500 in cash through the issue of 55.0 million shares at 1.00 pence per share. Shares in the company were up 58% to 0.63p on Wednesday morning, one of the best performers in the AIM All-Share.
Milestone said the cash will be primarily used for working capital purposes, with a further GBP9,000 raised to settle debts to creditors.
"As I mentioned earlier this year, our research and development phase has been completed and the raising of these funds from existing shareholders and at a premium to the existing share price, shows confidence in our business model," said Deborah White, Milestone's chief executive.
In a statement to be given to Milestone's annual general meeting, White also said Milestone was pleased with the progress made on its projects and said each of its separate businesses has shown the "beginnings of revenue potential".
"We are at an exciting juncture with the development stage completed and the revenue stage gaining traction, and I look forward to updating shareholders on our progress to self-sustainability," she said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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