YOLO raises more than £2.5m, invests in Magic Media Works Ltd

YOLO Leisure & Technology has raised more than £2.5 million, and invested £1.4 million in Magic Media Works Ltd.

It raised £2.5 million gross via an oversubscribed placing of 250 million new shares at 1p each, with one warrant, exerciseable at 1.3p, issued for every five placing shares.

It was also investing about £1.4 million in Magic Media Works via secured convertible loan notes.

Magic Works has developed the Electric Jukebox, a premium ad-free music streaming service and associated player.

The remainder of the funds raised would be used for YOLO's working capital and investments.

Separately, YOLO added that it had raised a further £40,000 via a placing of 4 million new shares at 1p each with chief executive Simon Robinson.

As part of that placing, the AIM-quoted company has also issued 800,000 warrants, exerciseable at 1.3p, to Robinson. A further 9 million warrants, also exerciseable at 1.3p, were awarded to Robinson.

At about 11:47 GMT, shares in YOLO were flat at 1.2p.