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Osborne Clarke advises Mirriad Advertising on £23M equity fundraising


Written on 30 November 2020

International legal practice Osborne Clarke has advised Mirriad Advertising plc, a global technology company and developer of native in-video advertising, on its successful and over-subscribed £23 million equity fundraising.

Mirriad will use the net proceeds of the fundraising for general working capital purposes in pursuit of the Company’s existing strategy by investing in (i) its sales capabilities with specific reference to the recently announced Music Alliance and in developing its US revenue stream in general and (ii) in its technology team in the areas of live programming and real-time advertising decisioning and delivery, and in addition to further strengthening its balance sheet to better position the Group to successfully service very large partners.

The placing has conditionally raised approximately £23 million, before expenses, and Mirriad also intends to further raise up to approximately £3 million through an open offer.  The placing and open offer are conditional upon shareholder approval.

Canaccord Genuity acted as Nomad, Sole Broker and Bookrunner and Baden Hill (a trading name of Northland Capital Partners Limited) acted as Co-Manager in connection with the fundraising.

The Osborne Clarke team that advised Mirriad on the transaction was led by Partner Rebecca Gordon who was assisted by Senior Associate Kate Mellor and Associate Stuart Miller.

Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.

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