YOLO raises more than £2.5m, invests in Magic Media Works Ltd

7th Nov 2016 11:16

(ShareCast News) - YOLO Leisure & Technology has raised more than £2.5 million, and invested £1.4 million in Magic Media Works Ltd.It raised £2.5 million gross via an oversubscribed placing of 250 million new shares at 1p each, with one warrant, exerciseable at 1.3p, issued for every five placing shares.It was also investing about £1.4 million in Magic Media Works via secured convertible loan notes.Magic Works has developed the Electric Jukebox, a premium ad-free music streaming service and associated player.The remainder of the funds raised would be used for YOLO's working capital and investments.Separately, YOLO added that it had raised a further £40,000 via a placing of 4 million new shares at 1p each with chief executive Simon Robinson.As part of that placing, the AIM-quoted company has also issued 800,000 warrants, exerciseable at 1.3p, to Robinson. A further 9 million warrants, also exerciseable at 1.3p, were awarded to Robinson.At about 11:47 GMT, shares in YOLO were flat at 1.2p.