6th May 2020 16:18
(Alliance News) - Mobile Streams PLC, a mobile content and data intelligence company, on Wednesday said that it has raised GBP1 million via a share placing to support the continuing growth of the company.
The company placed 333.3 million shares at 0.3 pence per share, a 25% discount to Tuesday's 0.4p stock price.
Shares in Mobile Streams were down 12% at 0.36p each in London on Wednesday afternoon.
Chair Nigel Burton: "To provide strong alignment with shareholders and to conserve cash, the board and senior managers are all being remunerated in shares which will not be issued until 2021. As a result, our existing cash balances of over GBP250,000 along with the net proceeds of the placing provide sufficient funds to cover all overheads throughout 2020 as well as to support the expansion of the product, marketing and sales pipeline for both the content and data businesses.
"This placing provides the necessary additional balance sheet strength to give potential clients confidence in the longer term future of the company, thereby enabling the company to work with larger business to business clients in the US, LatAm and Europe. It also provides additional capital to speed up and advance our sales, marketing and development efforts as and when we need to."
By Tapan Panchal; [email protected]
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