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Milestone Group Raises GBP13,500 Via Issue Of Equity

Thu, 29th Jul 2010 17:06

LONDON (Dow Jones)--Milestone Group PLC (MSG.LN), a digital solutions and technology agency, announced Thursday that it has agreed to issue 1,080,000 ordinary shares of 0.1 pence each in the capital of the company at a price of 1.25 pence per ordinary share, raising GBP13,500. MAIN FACTS: -Milestone has also agreed to issue 15,000,000 Ordinary Shares at 1.00 pence per Ordinary Share to HBS 049 Limited, raising GBP150,000 . -Post admission, HBS 049 Limited will hold 11.8%. of the enlarged issued share capital. -Under the terms of the HBS Subscription, HBS will have the right to appoint a non-executive director to the Board of the Company. -The HBS Subscription is in addition to the convertible loan of GBP150,000 provided by HBS to the company, pursuant to the loan agreement announced on Mar. 31. -Milestone has also agreed to issue 4,401,774 Ordinary Shares at 1.25 pence per Ordinary Share to certain creditors in lieu of GBP55,022 payable in respect of services provided to the company. -The proceeds of the placing will be used to provide working capital and reduce the company's liabilities which have increased slightly since the interim period end. -Shares closed Thursday at 1.70 pence -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com (END) Dow Jones Newswires July 29, 2010 12:06 ET (16:06 GMT)

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