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Mirada raises £3.5mln to build on growth opportunities

Published: 17:09 07 Jul 2014 AEST

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Mirada (LON:MIRA), the AIM-quoted developer of the operating systems used to power set-top boxes, said it has raised £3.5mln via a share placing.

The stock was sold at 12.5p a share, a very modest discount to last Friday’s closing price.

Investors accounting for around 11.4% of the company have also taken the opportunity to exit, Mirada said.

The new funds will help tide the group over until an order for its services from a tier-one operator in the pay TV space kicks in.

Chief executive Jose Luis Vazquez said: "Having secured our largest contract to date, we see strong potential to build on a growing pipeline of work within the over the top market, which continues to grow rapidly.

“The contract provides a significant reference point for us and there is huge scope for mirada to build on the recent momentum.

“The new monies will help us to further strengthen our position within the market place and focus on product development and marketing initiatives as we look to service an increasing amount of larger contracts."

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