PCG raises £1m in funding through new Riverfort agreement

PCG Entertainment announced it had successfully raised £1m in funding from a group of investors led by D-Beta One EQ and arranged by RiverFort Global Capital.

The AIM-listed online gaming and media firm said it would be issuing the syndicate 1m new shares, making up 28.4% of the company's equity capital, with a price tag of 0.1p each.

The money raised would be used to fund continuing operations.

Of the £1m received, PCG would then return £575,000 to the syndicate immediately, with investors set to return it in installments of approximately £48,000 per month over the next year. The monthly payout amount was tied to the performance of the group's share price and would increase or decrease in line with it.

"This is the first stage in an overall funding relationship with RiverFort that can lead to the funding of new deals at the project level," said chairman, Richard Poulden.

As of 0830 BST, shares had seen a 14.71% bump to 0.0975p.