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LONDON (Alliance News) - Mobile Streams PLC on Friday said it intends to raise funds for product development to increase the number of paying subscribers.
The mobile media company said it will issue 9.2 million shares by way of a subscription at 1.15 pence, which represents about 18% discount to the closing price of 1.40p per share on Thursday.
Mobile Streams shares were trading at 1.17p per share on Friday.
The company said it plans to invest money towards product development and will create new content in order to increase the number of paying subscribers. In addition, the funding will provide greater flexibility in venturing into new markets and territories, it said.
Following the admission, Mobile Streams will have a total of 100.8 million shares.
"We are delighted by this increased support from our existing investors," said Chief Executive Simon Buckingham. "The net proceeds will enable us to focus on reducing customer churn and increasing our paying subscriber numbers."
