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Koovs raises £3.9M from Times Group; Ads for equity?

Online fashion retailer, Koovs has raised a total of £10.9 million as investment, which includes £3.9 million from the Times of India Group and £7 million through the issue of 21,700,000 new ordinary shares at 50 pence per ordinary share from new and existing shareholders. The release quotes Mary Turner, CEO of Koovs saying, "We are delighted to bring on board our new strategic partner in the Times of India, a leading media company, which will give us access to TV, outdoor and digital platforms in addition to print and radio and will help to incrementally extend our coverage nationwide." From Turner's quote, it appears that the investment will be used for advertising across different media, but it's not clear if this is an ads for equity deal. It is worth noting that in May 2016, HT Media had picked up a stake of 8.31% for £3 million in Koovs, which is approximately $4.4 million in an ad for equity deal to be spread over three years. Koovs intends to also raise another £2 million through the Broker Option at an issue price of 50 pence per ordinary share and will be limited to 4 million shares, closing on Friday 18 November 2016. Peel Hunt LLP is placing shares for the company. Other investment rounds: In the beginning of May 2016, Koovs had raised £21.9 million, approximately $32 million through the issue of 87,600,000 new ordinary shares at a price of 25 pence per ordinary share. The funds were raised from both existing and new…

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