The AIM-listed company offered over 11 million shares at 27 pence each. The proceeds will be used for working capital, to build its B2B online business, fund the acquisition of Belfast-based loss-making TV production company, Below the Radar, by its subsidiary Blakeway Production, as well as future bolt-on deals.

Struggling Below the Radar will be purchased for an initial payment of £100,000 and a deferred payment of up to £676,000 in cash and paper dependent on the future performance of the company.

According to the company, the acquisition of Below the Radar will bring increased, high-quality journalistic output in TV and online TV that will cross-fertilise with its existing factual TV base in Kentish Town, and bring new revenues and leverage higher margins off existing infrastructure.

Alex Connock, chief executive, said: “We are migrating a significant portion of our content online. We are also looking for smart opportunities to grow output and factual TV production out of Belfast fits the brief for talent, quality and client reasons.”

In the financial year ended 31 January 2008, Below the Radar made a loss after tax of £35,297 on turnover of £317,670.

Canaccord Adams acted as broker to the Placing.