This announcement contains inside information.
Mobile Streams plc
("MOS" or the "Company")
Subscription to raise funds for product development and subscriber increase
Mobile Streams plc (AIM:MOS), the emerging markets focused mobile media company, is pleased to announce a fundraising of £105,329 (before expenses) (the "Subscription") through the issue of 9,159,000 new ordinary shares of £0.002 (the "Subscription Shares") per share by way of a subscription at 1.15 pence Subscription Share (the "Subscription Price"). The Subscription Price represents a discount of approximately 17.9 per cent. to the closing bid price of price of 1.40 pence per share on 19 April 2018.
The net proceeds of the Subscription will be used for product development and enhancement as well as creating new content in order to assist the Company to reduce customer churn and increase the number of paying subscribers. In addition, the additional funding will provide greater flexibility in venturing into new markets and territories.
Application will be made to the London Stock Exchange for the admission to trading on AIM ("Admission") of the Subscription Shares and is expected to occur on or about at 8.00 a.m. on 26 April 2018. On Admission the Subscription Shares will rank pari passu with the Company's existing Ordinary Shares. Following Admission the Company's issued share capital will comprise 100,752,533 Ordinary Shares. This figure represents the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Simon Buckingham, Chief Executive Officer of Mobile Streams plc, commented:
"We are delighted by this increased support from our existing investors. The net proceeds will enable us to focus on reducing customer churn and increasing our paying subscriber numbers."
For further enquiries:
Mobile Streams plc
+1 347 669 9068
Simon Buckingham, Chief Executive Officer
Enrique Benasso, Chief Financial Officer
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Nplus1 Singer Advisory LLP
(Nominated Adviser and Broker)
+44 (0)20 7496 3000
This information is provided by RNS