Shares in Mediazest PLC fell 9% to 0.08p after it raised £215,000 through a share placing to fund working capital as the company looks to build on recent project wins.
The AIM-listed audio-visual solutions provider issued 358 million new shares at a price of 0.06p each to new and existing investors. It was a discount to the previous closing price of 0.088p.
Chief executive Geoff Robertson said: “This placing will allow the group to focus on further growth, underpinned by our recent new client wins and project roll outs.
"We would like to thank our long-term shareholders and our new significant cornerstone investor for their support”.
Dr Graham Cooley, former CEO of ITM Power, has joined the shareholder register with a 8.1% stake following his subscription for 167 million shares.
Existing shareholder Oberon Investments also took part, subscribing for 83 million shares. The directors said Oberon’s participation was fair and reasonable following consultation with the company’s adviser.