Mporium Group raises ?1.92m for its restructure through subscription

14th Jun 2019 10:32

(Sharecast News) - Event-driven marketing technology company Mporium Group has conditionally raised a total of £1.923m by way of subscription, mainly from existing investors, for a total of 192,300,000 new shares at an issue price of 1p, it announced on Friday.The AIM-traded firm had indicated that it had conditionally raised £1.5m by way of subscription on 11 June.Since then, it had accepted additional conditional subscriptions on the same terms, totalling £0.423m prior to the close of business on 13 June.As part of those additional conditional subscriptions, both Tom Smith - its newly-appointed managing director - and Allay UK had both invested.Upon completion of the subscription, the subscribing investors would also receive 192,300,000 warrants exercisable between 10 December 2019 and 10 December 2021, with a subscription price of 1.5p per warrant, the board confirmed.It said the net proceeds of the subscription would be used to restructure the business and to provide working capital."The group has decided that it is necessary to narrow the focus of our business and to take the necessary steps to restructure accordingly," said chief executive officer Nelius De Groot."We are confident that under Tom's leadership, the restructured business will provide the company with a solid foundation for future growth."