|
Mosaique PLC Secures STG2 Million Funding
LONDON, Following its Annual General Meeting held today, Mosaique PLC (MQE) announces that it has reached an agreement with Cornell Capital, an equity investor, to provide funding up to 2million (two million pounds). The equity line of credit agreement will enable Mosaique to draw down cash, as it requires, in exchange for the issue of new ordinary shares.
LONDON, Following its Annual General Meeting held today, Mosaique PLC (MQE) announces that it has reached an agreement with Cornell Capital, an equity investor, to provide funding up to 2million (two million pounds). The equity line of credit agreement will enable Mosaique to draw down cash, as it requires, in exchange for the issue of new ordinary shares.
Commenting on the agreement Amer Deen, Chief Executive of Mosaique PLC, said, The funding is very flexible and provides Mosaique with an opportunity to both continue to expand its existing interests and the resources to make strategic acquisitions in areas where the board have expertise. This development will further enhance shareholder value as has been demonstrated in the uplift of the share price from 12p to 48.5p since the appointment of the new board in March 2003."
Last week Mosaique PLC announced its interim results for the six month period ending 30 September 2003. The profit on ordinary activities before tax for the six months was 204,000 (six months to 30 November 2002 loss 42,000). Earnings per share 2.2 pence, fully diluted 1.99 per share (2002 loss per share 0.6 pence, fully diluted loss per share 0.6 pence).
---- ends ----
Notes to Editors:
1. Mosaique Financial Limited concentrates on the sale of off-shore financial products to high net worth individuals, mortgage and finance broking, participation in equity placings and assisting in raising finance and providing management consultancy services.
2. Mosaique Financials activities are currently being confined to non-regulated business as it is presently seeking Financial Services Authority authorisation.
3. Cornell Capital Partners provides innovative and flexible financial solutions to growing companies in the small to mid-cap realm by working closely with management to design custom-tailored, alternative financing structures that meets their companies capital needs and corporate goals.
|
