Falcon Media House secures £3.4mln funding to push ahead with new strategy

Oct 17, 2017, 01:11 PM

Gert Reider, chief executive of Falcon Media House (LON:FAL) tells Proactive they've secured £3.4mln of additional funding through a convertible loan note to help them advance their new focus on Quiptel's portfolio of OTT technologies.

Falcon said the aggregate principal amount of the loan note, which carries an interest rate of 8%, is £10mln, of which £3.4mln has thus far been issued.

The funds raised will be used for general corporate purposes, including continued software development and enhancements; increased geographical footprint and reach; scaling up the sales and support organisation; content acquisition; and aggregation and general working capital.