13th May turnaround plan5 Jun 2025 06:29
Before 13th May MIRI was finished, ended due to the actions and greed.of CEO who had presided over this meesa for 10 years.
He's gone now and a new start and importantly MIRI has financial visibility for at least 12mths which is a far cry from nearly going into administration in early May 2025
Hence why 0.11 is a bargain
From 13th May
Proposed joint venture
On 11 May 2025, the Company entered into non-binding HoTs with the JV Partner. The HoTs indicate the parties' intention to enter into a formal joint venture agreement and set out proposed terms for such agreement. It is intended that the JV Partner will be granted the exclusive right to market, sell and otherwise trade with the Company's sell-side media partners in the United States. Mirriad would be entitled to a share of the resulting revenue. Under the proposed terms of the JV Agreement as summarised in the HoTs, the JV Partner would take on certain of Mirriad's US overheads remaining after the restructuring. The JV Partner is expected to deposit the JV Contribution in escrow, pending entry into the JV Agreement and completion of the Fundraise.
Use of proceeds
The net proceeds receivable by the Company pursuant to the Placing, being a minimum of approximately £1.5 million, together with the Company's existing cash resources, will be used to fund approximately £0.87 million of one-off costs associated with the cost cutting measures set out above, as well as for general working capital purposes to pursue the revised operating strategy.
The Board considers that the net proceeds of the placing, together with Mirriad's existing cash balance, payment of the accrued R&D tax credit for the year ended 31 December 2024 in line with the usual timetable, and subject to receipt of the £0.2 million JV Contribution, will provide the Company with a cash runway of not less than 12 months. This assumes that Mirriad is able to achieve cash receipts from sales of not less than £1.2 million in the 12 months ending May 2026.