Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) has raised £1.5 million through a placing of 15 billion new shares at a heavily discounted price of 0.01p per share.
Shares in the company fell 40% on Wednesday on the news, down more than 95% since the end of April, when a potential takeover collapsed and the company warned it may soon run out of money and could enter administration within days unless fresh funding is secured.
The AIM-quoted virtual product placement specialist revealed in a 1 May update that talks had collapsed at the end of April, leaving the board scrambling for alternatives to keep the business afloat.
Today, an accelerated bookbuild was carried out by Allenby Capital but remains subject to shareholder approval at a general meeting scheduled for 2 June 2025. If approved, the new shares will begin trading on 4 June.
In addition to the placing, Mirriad has launched a separate retail offer via the Winterflood Retail Access Platform (WRAP), seeking to raise up to £200,000 by offering up to two billion additional shares at the same 0.01p price.