Milestone said a contract has been signed between subsidiary Nexstar and a UK-based entertainment industry payroll specialist.
Nexstar said it would receive a fee per platform built for each of the Payroll Specialist’s clients who request this service and a percentage of all transactions on every pre-paid card issued.
Separately, Milestone said it has agreed to issue 4,833,334 new ordinary shares of 0.1 pence per share in the Company, subject to admission to AIM, raising £72,500 at a price of 1.5 pence per share.
Furthermore, the Company announces that it has agreed to issue 4,570,093 new ordinary shares of 0.1 pence per share in the Company, subject to admission to AIM, at a previously agreed price of 1 penny per share in lieu of a creditor balance of £45,700.93.
This was agreed with the creditor when the share price was less than 1 penny per share and the board is keen to honour its commitment on price to these creditors.
The total of 9,403,427 new ordinary shares will rank pari passu with the existing ordinary shares of Milestone.
Story provided by StockMarketWire.com