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LONDON (Alliance News) - MediaZest PLC on Wednesday said it raised GBP250,000 in an oversubscribed placing of 166.7 million shares with existing and new shareholders.
In addition, the audio-visual company said it will issue 33.3 million new shares to City & Claremont Capital Assets Ltd following the conversion of loan interest amounting to GBP50,000, in a move to reduce shareholder debt owed by MediaZest and strengthen its balance sheet.
City & Claremont Capital Assets will own a 15.5% stake in the company, equal to 192.2 million shares.
The shares were issued at 0.15 pence each. MediaZest shares were trading at that price on Wednesday morning, down 6.3% on the day.
The money raised will be used to help deliver current and future projects for existing clients including Hyundai, Adidas, HMV, Diesel and Kuoni, the company said. The fundraising is intended also provide additional working capital, help to develop new business opportunities and add more clients.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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