Mporium Group (MPM) announced it has raised £2.3m via the issue of 46 million new ordinary shares which start trading next Monday 19 November once the company receives funds.
At an issue price of 5 pence per share, shareholders were willing to pay a premium to take part in the fundraising, as shares were trading at 4.5 pence before the announcement.
Charles Street International Holdings, who are a major shareholder holding 16.04% of the share capital, will have their interest increased to 17.3% following the share issue.
This is a positive sign for mporium, as the related party disclosure indicates shareholders close to company, see significant upside in share price performance.
Nelius De Groot, CEO of the Company, said: "The Group continues to make strong progress. We are delighted that our shareholders share our strategic vision for the business and would like to thank our shareholders for their continued support."
Mporium is focused on transforming digital marketing, with it’s proprietary technology enabling advertisers to identify and leverage moments when there are significant changes in consumer engagement levels.
It has been deployed on behalf of sports rights holders in over 160 countries and territories, including the NFL, NBA, Golf and over 20 Football Leagues.
Its technology was recently deployed by the two largest global advertising networks to optimise digital campaigns for the likes of Volkswagen Group, and a tier one global airline during the World Cup.
It also has announced a strategic partnership with BPC Land and Sales marketing, a leading services provider to property developers in the UK.
The issued share capital is to be used to provide working capital and to support the continued momentum of the business.
Follow News & Updates from MPM here:
