The UK's Metrodome Distribution has announced that it hasraised $3.8m (£2m) by way of a placing and the conversion of a loan from parentcompany TV-Loonland.

As discussed in recentweeks, the company's new CEO Peter Urie is implementing a new growth strategyfor Metrodome. The new approach is a shift from the high-risk short-termapproach of the company's past into a "a longer termmore balanced portfolio oriented business which can produce consistent growth."

New initiatives includerefocusing the theatrical division and potentially co-producing and pre-buyingfilms, launching budget labels for home entertainment titles, and generallyincreasing home entertainment activity.

Metrodome's forthcomingtheatrical releases include Days Of Glory (Indigenes), Away From Her, Container and Them.

'Over the past 12months we have completed both a strategic review and corporate restructuring,which has included the strengthening of our management team," Urie noted. "Withthat in place and following the fundraising and loan conversion, the Company'sfinancial and operational position is significantly stronger. With theimprovements to our balance sheet and the positive impact on working capital weare well positioned to grow the Company both organically and through strategicrelationships as well as exploring opportunities in the acquisition of panEuropean rights through syndication relationships.

He continued: 'Ibelieve that the fact that both the chairman and I have subscribed to thisplacing underlines our confidence in the future prospects and potential ofMetrodome.'