MediaZest (LON:MDZ) – CORPORATE*: SHARE ISSUE RAISES £250,000
Market Cap: £1.66m; Current Price: 0.16p
Issue of shares raises £250,000; loan conversion of £50,000
MediaZest Group, the creative audio-visual company focused on the retail sector, announces that it has raised £250,000 (gross) by placing 166,666,800 new ordinary shares at 0.1p each; the placing was oversubscribed. In addition it will issue 33,333,333 new Ordinary Shares to City and Claremont Capital Assets Ltd., resulting from conversion of loan interest amounting to £50,000, priced at 0.15p per share.
MediaZest has noted that the year ended 31 March 2016 marked its “its best ever financial performance”. On this basis, it intends to use the new funds for ongoing projects with clients including Hyundai, Adidas, HMV, Diesel and Kuoni, and for additional working capital for further business development with the aim of “building a more consistent and recurring income base.”
Following the transactions City and Claremont Capital Assets Ltd., will hold 192,231,176 shares, or 15.5%, out of a new total, post transactions, of 1,239,757,774 shares in issue.