(Alliance News) - Mobile Streams PLC shares rose on Tuesday after it announced a placing and retail offer intended to raise up to GBP300,000.
The London-based mobile content provider said it has reduced the fundraising shares' issue price to 0.06 pence per share. This represents an approximate 14% premium to the stock's closing price on Monday.
On Tuesday in London, shares in Mobile Streams were trading 12% higher at 0.059p each.
Mobile Streams said it intends for the fundraise both to fund general working capital, and to help drive the expansion of its operations in Mexico.
The firm's Mexican subsidiary Mobile Streams of Mexico Sde RI intends to buy a 10% stake in Capital Media Sports, part of Capital Media Group which is one of the country's "largest media publishers". Mobile Streams then plans to fund the launch of Estadio Bet and Estadio Talk, associated companies in which it will hold a 25% stake.
Mobile Streams previously announced a share subscription in mid-December to raise GBP675,000, of which it expects to allocate GBP250,000 towards launching and developing Bet in the second quarter.
By Emma Curzon, Alliance News reporter
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Mobile Streams (MOS)