Milestone Group PLC Share News (MSG)

(ShareCast News) - Milestone Group was moving from a phase of development to one of active trading on Friday, launching the MusicRoo streaming platform in partnership with Australian company Black Cactus Holdings, and announcing an issue of equity.The AIM-traded provider of digital media and technology solutions said the MusicRoo platform would be a standalone multichannel music and video distribution platform, gathering music content from a number of suppliers and allowing customers to purchase from a single and substantial library.Milestone confirmed it would receive revenue across all transactions, through its subsidiary Nexstar, which held the joint venture agreement with Black Cactus.MusicRoo's content library was provided under licence from Deezer, Spotify and other Tier 1 global media providers and included content from both large global recording conglomerates and smaller independent labels."All our development work of the last few years is complete and our focus now is on revenue generation," said Milestone CEO Deborah White."Our growing database of young clients, through the Passion Project and Disorder magazine and the fact that they can listen to and buy music and video content from one place, whether they have an iOS, Android or Microsoft device, gives us an advantage over many other similar platforms. Our joint venture with Black Cactus Holdings strengthens this advantage as it has strong foothold in the global media distribution business," White explained.Milestone said the MusicRoo library contained more than 35 million tracks, 30,000 radio channels and 43 million download transactional services. The service was available on a number of platforms including online, Android, Amazon Fire, BlackBerry, Apple iOS, Windows Phone and Symbian.It was fully integrated into all major social media platforms, the company confirmed. It also explained the MusicRoo over-the-top internet television service contained 33 music streaming channels, broken down by music category and featured artists.At the same time, Milestone announced it had agreed to issue 18,010,000 new ordinary shares of 0.1p each, subject to admission to AIM, raising £180,100 in cash at a price of 1p per share.The proceeds would be used for general working capital, and the new shares would rank pari passu with the existing ordinary shares in Milestone, the company confirmed.Following the issue, Milestone would have 625,163,582 shares in issue. Admission to trading was expected to occur on 25 February.