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22 Mar 2007 15:34
22 March 2007 Parallel Media Group plc (`PMG' or the `Company') Issue of equity shares
Parallel Media Group plc (AIM:PAA) announces that entered into an agreement to raise ‚£525,000 by way of a placing of 46,666,666 new ordinary shares of 0.5p with Pacific Continental Securities (UK) Ltd.
The proceeds will to be used to enlarge PMG's sales force in London and in Asia and to expand the Company's operations in its Hong Kong office. The Company is also pleased to announce that is currently in advanced stages of negotiation for it to stage a new golf event in Asia in 2008, and some of the proceeds of this issue will be used to fund the development stage of this new event.
In addition, the Company has also allotted:
* 333,333 new ordinary shares arising from the conversion of an existing convertible loan of ‚£5,000; and * 3,000,000 new ordinary shares in settlement of an existing creditor totalling ‚£45,000.
Application is being made for all these new ordinary shares to be admitted to trading on AIM. It is anticipated that admission will become effective and that dealings will commence on 27 March 2007. Following these allotments the Company will have 372,070,293 ordinary shares in issue.
For more information:
Richard Graham/Helen Mitchell
Parallel Media GroupTel: +44 (0)20 72252000Nominated AdviserRoss AndrewsDirector
City Financial Associates Limited
Tel: +44 (0)20 70907800
PARALLEL MEDIA GROUP PLC
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