Mobile Streams Share News (MOS)

(ShareCast News) - Technology company Mobile Streams has raised £2.2m on an equity placing to finance marketing ambitions in India.Simon Buckingham, chief executive, said: "As a mobile technology company, it seems only fitting that 43% of subscribers on PrimaryBid did so via mobile devices.The capital raised which will provide us with the working capital we require to commit to our planned marketing spend in India through to the end of the company's next financial year in 2018."The AIM-listed company raised £2.2m from the issue of 54.4m shares at 4p each. Of the shares issued, about 3.6m will be issued under existing shareholder authorities, with an admission date expected on 15 December. Following admission to AIM, around 40.7m shares will have voting rights.While the remaining 50.8m shares are conditional on approval from shareholders at the next meeting on 19 DecemberBuckingham bought around 2m shares in the placing, bringing his total to about 12.3m, which represents about 13.52% of the then issued share capital.