Osborne Clarke advises Mirriad Advertising plc on £6.79 million equity raise

International legal practice, Osborne Clarke, has advised AIM quoted Mirriad Advertising plc, the leading virtual in-content advertising and virtual product placement company, on its £6.79 million equity fundraising.

Mirriad has successfully raised £6.12 million (before expenses) through an institutional placing, £0.49 million (before expenses) through an offer to retail investors and proposes to raise up to a further £180,000 through a subscription for shares by certain directors. The placing is split into a firm placing that relied on existing authorities to allot equity securities on a non-pre-emptive basis and a conditional placing which, together with the retail offer and directors' subscription, is conditional upon approval by Mirriad's shareholders at a general meeting to be held on 23 May 2023.

Mirriad will use the net proceeds of the equity fundraising to fund ongoing operational expenditure and working capital alongside modest investment in technology and sales support operations.

The Osborne Clarke team that advised Mirriad on the transaction was led by Partner Louise Grzasko, who was assisted by Senior Associate Stuart Miller.

Osborne Clarke's Corporate team 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.