Mirada, the AIM-quoted leading audiovisual interaction specialist, announces that it has today raised approximately £1.1 million through a placing of 12,621,688 new ordinary shares of 1 penny each (“New Shares”) at a price of 8.75 pence each (the “Placing”). The Placing was significantly oversubscribed and has been supported by a combination of existing shareholders and new institutional investors. The Placing follows the recent £1 million fundraising from a large strategic shareholder, also at 8.75 pence. The Placing has been conducted by Daniel Stewart & Company Plc and Peterhouse Corporate Finance Limited.
The proceeds of the Placing will be used to finance further growth in Latin America, maintain product investment and seek expansion to other emerging markets. There are over 50 million digital TV subscribers in Latin America and the directors believe the Company’s new subscriber-based licence fee model will enable the Company to continue to earn substantial revenues post the launch of a customer’s digital TV service. The Company currently has four contracts generating subscriber-based fees and with the revenues being generated at no material cost to the Company, the margin on such subscriber-based fees is almost 100%.
“I am delighted with the support shown by both existing and new shareholders through their participation in this placing,” says José Luis Vazquez, Chief Executive Officer of mirada. ”The net proceeds will provide us with the necessary funds to enable mirada to increase our sales and technical teams, allowing us to take advantage of some significant commercial opportunities and achieve our targets in Latin America.”