21 Jan 2009 12:54
21 January 2009 iPoint-media plc ("iPoint" or the "Company") Issue of equity to raise £380,000
The Company announces that it has raised £380,000, before expenses, through the issue of 7,600,000 ordinary shares ("Ordinary Shares") in the capital of iPoint at a price of 5p per share ("Subscription"), to its largest shareholder, Nisko Investments Ltd. (previously Nisko Projects Electronics & Communications (1990) Ltd.) ("Nisko") and other investors.
Nisko has subscribed for 4,375,000 Ordinary Shares pursuant to the Subscription, resulting in it being interested in a total of 43,346,983 Ordinary Shares, representing 35.61 per cent. of the enlarged issued share capital of the Company following the Subscription.
The net proceeds of the Subscription will be used by the Company for general working capital purposes.
In addition, the Company has also issued 608,000 Ordinary Shares to an adviser in satisfaction of fees due to it by the Company. As a result, an application has been made for a total of 8,208,000 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 27 January 2009. Following admission of the 8,208,000 new Ordinary Shares, the Company will have a total of 121,723,645 Ordinary Shares in issue.
For Further Information:iPoint-media plc +(0) 972 544 450 667 Muki Geller John East & Partners Limited +44 (0) 207 628 2200 David Worlidge/Bidhi Bhoma
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