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LONDON - Mirriad Advertising (LON:MIRI) PLC, the virtual product placement and in-content advertising company, has successfully closed its retail offering, raising approximately £0.1 million through new shares. This, combined with the previously announced placing, brings the total gross proceeds to roughly £1.6 million.
The retail offer, which concluded on Monday, involved the issuance of 1,039,746,900 new ordinary shares at an issue price of 0.01 pence each. The company’s fundraising efforts are tied to a set of conditions, including the execution of a joint venture agreement and the securing of the joint venture contribution in escrow.
Mirriad’s general meeting is scheduled for June 2, 2025, where shareholders will vote on resolutions necessary to finalize the fundraise. The company expects the new retail offer shares, along with the 15 billion placing shares, to be admitted to trading on the AIM market of the London Stock Exchange (LON:LSEG) at 8:00 a.m. on June 4, 2025.
The announcement, which contains inside information in accordance with market abuse regulations, specifies that the funds are subject to the company’s placing agreement not being terminated and the passing of the required resolutions at the upcoming general meeting.
The company emphasizes that the retail offer shares have not been registered under the US Securities Act and are not being offered in the United States or other jurisdictions where such an offer would be unlawful. The shares are being offered in compliance with Regulation S, which pertains to transactions conducted outside the United States.
This financial move by Mirriad, which operates in the US, Europe, and India, is part of their strategy to dynamically insert products and brands into various forms of content, creating new revenue opportunities for content owners and advertisers.
The information in this article is based on a press release statement from Mirriad Advertising PLC.
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