Pixel Interactive Media Ltd (AIM: PIXL), a leading Asian online advertising sales network, is pleased to announce that it has raised approximately US$3.1 million via an institutional placing of 4,074,308 new ordinary shares of US$0.05 each in the Company at 38 pence per share.
The proceeds of the Placing will be used to fund further development of the Company’s strategy to grow its market share in the Asian online advertising sales market. Building on the success of its recent Chinese acquisition, the Group intends to strengthen its business through the Asia-Pacific region by broadening its geographical footprint in emerging Asia Pacific markets, continued investments in all current markets and to develop emerging digital media technologies, products and services.
The Group will continue to focus on organic growth opportunities and will review strategic acquisitions to complement its growth and development of opportunities in online advertising and digital marketing in the Asia Pacific region.
Application has been made to the London Stock Exchange for the new Ordinary Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will take place at 8.00am on 12 July 2007. The new Ordinary Shares will, on Admission, rank pari passu with, and will be identical in all respects to, the existing Ordinary Shares of the Company.
On Admission, the Company will have 38,876,932 Ordinary Shares in issue.
Kevin Huang, CEO of Pixel, said: “We are very pleased with the support we have been shown from both existing and new shareholders; we have had a very positive response from a range of high quality institutions. We are excited at the growth potential of online advertising and digital marketing in Asia and these funds will take Pixel to the next stage of its development, and we are looking forward to working with our new shareholders to realise Pixel’s potential.”