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Mobile Streams PLC on Thursday said it had completed a placing to enable further non fungible token contacts to be progressed.
A total of 666.7 million shares were placed at a price of 0.18 pence per share, a discount of about 33% to the closing mid-market price of 0.27p on October 5, the day before the placing. Altogether the company raised £1.2 million.
Shares in the London-based mobile content provider were trading 31% lower at 0.19 pence each in London on Thursday around midday.
The placing shares represent about 13% of its enlarged share capital. The broker was Peterhouse Capital Ltd.
Most of the capital raised will go towards funding further NFT contracts. The company said it expects several contracts to be signed this month.
On Tuesday, Mobile Streams sold out its first NFT 'drop' of Pumas football club ‘in minutes.’ 4,300 cards using five players were sold at prices starting from $5. Total sales were in excess of $50,000. The company will receive 5% of any future resale value.
It says it also has had as strong demand for initial drop of Mexican national team NFT. It noted that it was ‘very encouraging to see the response to this first drop.’
The company also launched its HeroesNFTclub marketplace where NFT cards can be purchased and traded. The platform can automatically place the NFTs onto other global marketplaces such as OpenSea. This represents a ‘significant milestone’ for Mobile Streams as it becomes a marketplace provider from where NFTs can be traded.
Chief Executive Officer Mark Epstein said: ‘We have already received first revenues from the Pumas NFT contract announced in July, with further revenues expected from this and other contracts this month. The funds raised in this placing will enable us to take advantage of significant similar revenue generating opportunities and help us grow the business at a faster rate.
‘With the FIFA football World Cup imminent, we are delighted to have been able to act quickly to enable us to sign up further recently negotiated deals and now add significant funds to the business which will help us take up further deals as they present themselves. We are now well-funded, and the business is in the strongest position it has been in for years.’
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