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LONDON (Alliance News) - Mobile phone content provider Mobile Streams PLC on Friday said it has raised GBP2.2 million in its oversubscribed placing of 54.5 million shares at 4.00 pence each.
The company announced plans on Thursday to raise GBP1.6 million through the placing of 39.4 million shares, but on Friday said it increased the size of the fundraising following excess demand.
The placing price of 4.00 pence was a 50% discount to Mobile Streams' closing price of 8.00p on Wednesday, the day before the plans were announced. Shares were trading up 1.7% at 4.45p early on Friday.
Chief Executive Simon Buckingham subscribed for 2.0 million shares, taking his total holding to 12.4 million shares, representing 13.5% of the company's issued share capital.
The shares were offered by way of an accelerated bookbuild, with N+1 Singer Advisory LLP acting as sole bookrunner.
The net proceeds will be used to finance the working capital required to fund the company's plans and to enable it to commit to its proposed marketing spend in India through to the end of the next financial year.
"We are delighted with the demand that we have received for this fundraising, especially the continuing support of individual investors who have subscribed," CEO Buckingham said in a statement.
The placing was carried out via PrimaryBid, which is an online funding platform enabling investors to gain access to equity capital raises of AIM-listed companies. PrimaryBid also issued a statement on Friday confirming the funds raised.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
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