Business
Completion of Investment by Jinhua Puhua Tianqin
Completion of Investment by Jinhua Puhua Tianqin.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n \nRNS Number : 9215L Mirriad Advertising PLC 24 April 2018 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nFOR IMMEDIATE RELEASE\n 24 April 2018\nMirriad Advertising plc\n \n(\"Mirriad\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n \nInvestment by Jinhua Puhua Tianqin Equity Investment Fund Partnership (\"Puhua\") in Mirriad Advertising plc\n \n \nFurther to its announcement of 23 January 2018, Mirriad Advertising plc, a video technology company delivering in-video advertising globally, is pleased to announce the completion of an investment by Jinhua Puhua Tianqin Equity Investment Fund Partnership (\"Puhua\"), a Capital fund established in Jinhua in the People's Republic of China, one of Mirriad's core markets. \n \nPuhua has subscribed for 3,225,806 new ordinary shares at a price of 62 pence per share, the same price at which funds were raised during Mirriad's IPO on 19 December 2017. The investment raises gross proceeds of approximately £2 million for the Company to continue driving the next phase of growth. \n \nMirriad announced on 26 January 2018 that it has renewed its contract with Youku, a subsidiary of Alibaba, in China and is now able to work with additional broadcasters/partners in the Chinese market. The proceeds will be used to continue the development of Mirriad's business in China, the world's second largest advertising market. \n \nFollowing the subscription the Company confirms that application has been made to the London Stock Exchange for the admission of 3,225,806 new ordinary shares to trading on AIM. Admission is expected to take place at 8.00am on 1 May 2018.\n \nAt this point the Company's issued share capital will increase to 105,122,717 and Puhua will own 3.07% of the Company's issued share capital. \n \n \nEnquiries:\n\n\n\nMirriad Advertising plc\nMark Popkiewicz, Chief Executive Officer\nDavid Dorans, Chief Financial Officer \n \n\n\nTel: +44 (0)20...