22nd Mar 2021 10:07
(Alliance News) - Mobile Streams PLC on Monday raised GBP2.0 million through an oversubscribed placing, which will go towards providing working capital as well as firepower for potential acquisition opportunities.
The London-based mobile content and data intelligence firm issued 800.0 million shares at a price of 0.25 pence per share, through a placing arranged by broker Peterhouse Capital Ltd. The placing price reflects a 43% discount to Mobile Streams' closing price on Friday of 0.44p.
Shares in the company were 34% lower at 0.29 pence on Monday in London.
In addition, Mobile Streams has granted an option to Peterhouse to subscribe for up to an additional 80.0 million new shares, which will raise an another GBP200,000.
Proceeds from the placing will go towards working capital for both the group's existing businesses and those which could be developed in the future, either internally or through joint ventures and acquisitions.
Mobile Streams is currently reviewing several opportunities to strengthen the group's technical and intellectual property portfolio.
"The board would like to thank shareholders for their support, and Peterhouse Capital for their swift and efficient implementation of this placing, which will enable the company to accelerate its plans for growth," said Non-Executive Director Nigel Burton.
Mobile Streams now has 1.98 billion shares issued overall.
By Dayo Laniyan; [email protected]
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