International legal practice Osborne Clarke has advised Mirriad Advertising plc, a global technology company and developer of native in-video advertising, on its £14.18 million placing.
Mirriad intends to use the net proceeds of the placing for general working capital purposes and to provide the its group with sufficient funds to demonstrate the efficacy of its new go-to-market strategy and revenue traction with partners in its key markets.
The placing, which is conditional on shareholder approval at a general meeting on 31 July 2019, was arranged by joint bookrunners Numis Securities Limited and Baden Hill (a trading name of Northland Capital Partners Limited).
Mirriad also intends to raise up to approximately £3.94 million through an open offer to shareholders who are not participating in the placing.
Widely recognised as a leading European law firm for interactive entertainment, Osborne Clarke’s team that advised on the transaction was led by Partner Rebecca Gordon who was assisted by Senior Associate Ed Nisbet.