Milestone Group receives final £1.1m from Para subscription

Digital media and technology provider Milestone Group updated the market on its £1.5m subscription raising by Para & Co on Friday, confirming it had received the final £1.1m from the subscriber.

The AIM-traded firm first announced the subscription by the private limited company, wholly-owned by Dr Ramesh Para, on 10 July.

As a result of receiving the final amount, Milestone said it agreed to convert the £0.4m loan received to date and issue 522,626,906 new ordinary shares of 0.1p per share in the company at a price of 0.29p per share for the £1.5m cash received, subject to admission to AIM.

“Furthermore, the company announces that it has agreed to issue 6,500,000 new ordinary shares of 0.1p per share in the company, subject to admission to AIM, at a previously agreed price of 0.2p per share in lieu of a creditor balance of £13,000,” the board said in its statement.

“This was agreed with the creditor when the share price was less than 0.2 pence per share and the board is keen to honour its commitment on price to this creditor.”

Following the issue of equity, Milestone will have in issue 1,778,768,317 ordinary shares with voting rights.