Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) shares surged 15% on Friday after the company secured a two-year deal with MBC Media Solutions, the advertising division of Middle East broadcaster MBC Group.
Under the agreement, Mirriad will provide exclusive virtual in-video advertising services across MBC’s subscription and linear TV channels.
The deal includes a minimum annual purchase of 4,000 seconds of branded content, generating at least $370,000 a year.
Chief executive Louis Wakefield welcomed the renewed partnership, saying it formalises a proven model for brands looking to scale virtual product placements in the region.
The rally in the share price adds a much-needed boost for Mirriad, which has faced a challenging spell, including a £1.5 million cash injection in May and Zeus Investment Management taking a near-9% stake last month.
The deal positions Mirriad as the exclusive provider of virtual product placement for MBC during the contract term.
While the shares rallied 15%, they are down 92% year to date, with persistent funding worries stalking the group.