Business
Conditional Investment by Jinhua Puhua Equity
Conditional Investment by Jinhua Puhua Equity.
About this update from Mirriad Advertising Plc
[{"type":"text","content":"\n \nRNS Number : 5929C Mirriad Advertising PLC 23 January 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\n23 January 2018\nMirriad Advertising plc\n \n(\"Mirriad\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n \nConditional Investment by Jinhua Puhua Tianqin Equity Investment Fund Partnership in Mirriad Advertising plc\n \nAs referred to in its admission document at the time of its IPO, Mirriad Advertising plc, a video technology company delivering in-video advertising globally, is pleased to announce that Jinhua Puhua Tianqin Equity Investment Fund Partnership (\"Puhua\"), a Puhua Capital fund established in Jinhua in the People's Republic of China, one of Mirriad's core markets, has conditionally agreed to subscribe for 3,225,806 new ordinary shares at a price of 62 pence per share, resulting in gross proceeds of approximately £2 million for the Company. \n \nThe Subscription is conditional upon, inter alia, the receipt of all necessary regulatory approvals required to enable Puhua to complete the Subscription and perform its obligations in relation to the Subscription. The regulatory approvals to be obtained by Puhua include a \"Certificate of Overseas Investment\" from the Zhejiang Commerce Department and a \"Foreign Exchange Registration Certificate\" from the Zhejiang Administration of Exchange Control. In accordance with the terms of the Subscription, the conditions need to be fulfilled by 1 March 2018 (which date can be extended, at the sole discretion of the Company, to 1 May 2018).\n \nThe Company will release a further announcement in due course.\n \nAbout Mirriad\n \nMirriad is a video technology company delivering in-video advertising by naturally blending brand advertising into popular entertainment content. \n \nMirriad creates advertising opportunities within existing video content across multiple shows. Advertisers can reach target audiences in a contextually relevant w...