Motive Television (LON:MTV) has raised £1mln to invest in its new Tablet TV business in the UK and US.
The group has issued 5bn new shares that have been placed at 0.02p each.
The Tablet TV business is a relatively new venture for the “TV any time, any where” company. Motive's technology will enable tablet computer owners to watch TV without an internet connection.
The funds raised are also earmarked for major new projects that the company anticipates will provide significant additional revenues in the coming months, the company said.