MiMedia Raises $6 Million in Private Placement to Fund Growth

The latest announcement is out from MiMedia Holdings Inc ( (TSE:MIM) ).

MiMedia Holdings Inc., a provider of next-generation consumer cloud platforms for personal media storage and sharing, partners with global smartphone manufacturers and telecom carriers to offer a rich, cross-device media experience aimed at boosting partner revenues and user engagement. Its platform focuses on secure cloud storage, advanced organization tools and private sharing to support millions of users around the world.

MiMedia has closed a non-brokered private placement, issuing 24,000,000 subordinate voting shares at $0.25 each to raise gross proceeds of $6,000,000, with the transaction still subject to final approval from the TSX Venture Exchange. The company plans to use the net proceeds to fund growth initiatives, support ongoing operations and bolster general working capital, which could strengthen its financial flexibility as it pursues expansion in the competitive consumer cloud market.

More about MiMedia Holdings Inc

MiMedia Holdings Inc. is a technology company that provides a next-generation consumer cloud platform for securing, organizing and accessing personal media across devices and operating systems. Its differentiated offering emphasizes rich media experiences, robust organization tools and private sharing features, and it works with smartphone makers and telecom carriers worldwide to deliver recurring revenue, customer retention and market differentiation, serving millions of users globally.

Average Trading Volume: 78,652

Technical Sentiment Signal: Sell

Current Market Cap: C$23.27M

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