Mirriad Advertising PLC - London-based in-content advertising and virtual product placement company - raises £1.5 million via placing with existing and new investors at 0.01 pence per new share. In addition, plans to raise £200,000 via retail offer at the same price. On Tuesday, Mirriad explains the fund raise will prove working capital. In addition, it plans a significant reduction to its cost base and changes to its operating model, in order to enable it to continue to trade as a going concern. Mirriad plans to cut monthly cost base to £250,000 from £650,000-675,000. This includes a 40% cut in headcount. As part of the cost rationalisation exercise, and conditional on completion of the Fundraise, Stephan Beringer will step down as chief executive and Louis Wakefield will be appointed as CEO designate.
Current stock price: 0.015 pence, down 40% in London on Wednesday
12-month change: down 99%
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