Last checked at 29 Nov 2007 14:38
Parallel Media Group plc (PMG); (AIM ticker PAA); the sports marketing, media and management company, today announces that has raised ‚£100,000 (before expenses) by way of a placing of 10,000,000 new ordinary shares at 1p to investors, conditional only upon admission to trading on AIM.
Application has been made to the London Stock Exchange for the 10,000,000 new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 5 December 2007. The new ordinary shares will rank pari passu with the existing ordinary shares in issue.
Subsequent to the shares under the placing being allotted, the issued share capital of the Company will be 413,037,701 Ordinary Shares. In addition the Company has 23,706,202 Ordinary Shares under warrants, 17,456,000 Ordinary Shares under option and 661,727,977 Ordinary Shares would be issued on full conversion of the Company's convertible instruments.
For more information:
Parallel Media Group plc
Martin Doherty (Chief Financial Officer)
Tel: +44 (0)20 7225 2000
Nominated Adviser
City Financial Associates Limited
Ross Andrews
Tel: +44 (0) 20 7492 4777
PARALLEL MEDIA GROUP PLC