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(Sharecast News) - MediaZest announced on Thursday that it has raised 215,000 before expenses through a placing of new shares to support working capital as it builds on recent client wins and project roll-outs.
The AIM-traded creative audio-visual solutions provider issued 358,334,950 new ordinary shares at 0.06p each to new and existing investors.
It said the proceeds would be used for general working capital purposes as it continued to execute on new contracts and deployments.
The placing introduced Dr Graham Cooley as a new significant shareholder after he subscribed for 166,666,650 shares, representing 8.11% of the enlarged share capital.
MediaZest also confirmed that substantial shareholder Oberon Investments participated in the fundraise, subscribing for 83,333,300 shares.
The board said it considered the related-party transaction to be fair and reasonable after consultation with SP Angel Corporate Finance, the company's nominated adviser.
"This placing will allow the group to focus on further growth, underpinned by our recent new client wins and project roll outs," said chief executive Geoff Robertson.
"We would like to thank our long-term shareholders and our new significant cornerstone investor for their support.
"Financial year 2026 has begun strongly, and we look forward to providing further updates with our full-year results expected to be released later this month."
Admission of the new shares to trading on AIM was expected at 0800 GMT on or around 9 February.
Following admission, MediaZest's issued share capital would comprise 2,054,760,724 ordinary shares, all with voting rights.
At 1230 GMT, shares in MediaZest were down 2.86% at 0.09p.
Reporting by Josh White for Sharecast.com.