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About this update from Seeing Machines Limited
[{"type":"text","content":"\n Seeing Machines Limited\n24 September 2007\n\n\n\n24 September 2007\n\n\n Seeing Machines Limited\n ('Seeing Machines' or the 'Company')\n\n\n Fund raising, issue of shares, general meeting, and change in shareholding\n\n\nSeeing Machines (AIM: SEE), a leading developer of advanced computer based\nimaging software systems, is pleased to announce that it has raised up to\n£1,287,130 million before expenses via the issue of 51,485,206 new ordinary\nshares at 2.5p per share through a placing (the 'Placing'). The Placing is to be\nconducted in two tranches as follows:\n\n • tranche 1 of 8,348,000 Ordinary Shares\n\n • tranche 2 of 43,137,206 Ordinary Shares conditional on shareholder\n approval\n\n\nTranche 1 has been concluded today providing additional working capital to the\nCompany of A$500,000 (£208,700). 8,348,000 new Ordinary Shares were issued and\nallotted on 24 September 2007. Application has been made for these 8,348,000 new\nOrdinary Shares to be admitted to trading on AIM and dealings are expected to\ncommence on 27 September 2007. Following the issue of these 8,348,000 new\nOrdinary Shares the issued share capital of the Company is 264,512,929 Ordinary\nShares.\n\n\nA group of investors has agreed to subscribe for Tranche 2 of 43,137,206\nOrdinary Shares, conditional on shareholder approval which will be sought at a\nGeneral Meeting of the Company in Acton, ACT, Australia on 26 October 2007.\n\n\nA further tranche of up to 4,514,794 Ordinary Shares, is expected to conclude\nshortly and a separate announcement will be made when the details are available.\nIf all three tranches are successfully completed, the final outcome will result\nin a total raising of up to £1.4 million before expenses, via the issue of up to\n56,000,000 new ordinary shares at the 2.5p per share placing price.\n\n\nA circular containing a Notice of Meeting convening a General Meeting of the\nCompany for the purpose of seeking the required shareholder approval has been\nposted to shareholders and will be available from the Company's web site today\nwww.seeingmachines.com.\n\n\nThe proceeds of the placing will be used to commercialise the Company's\nproducts, including: the TrueField Analyzer ('TFA'), a medical device that helps\nclinicians diagnose glaucoma and other eye diseases, and has recently received\nFDA approval; the Driver State S...