Business
Further Placing
Further Placing.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n Seeing Machines Limited\n25 September 2007\n\n \n\n25 September 2007\n\n\n Seeing Machines Limited\n ('Seeing Machines' or the 'Company')\n\n Further Placing\n\n\nFurther to yesterday's announcement (24 September 2007) regarding a fund\nraising, Seeing Machines (AIM: SEE), a leading developer of advanced computer\nbased imaging software systems, is pleased to announce the conclusion today of\nthe supplementary fund raising of £112,869.85 before expenses via the issue of\n4,514,794 new Ordinary Shares at 2.5p per share through a placing (the 'Further\nPlacing') to directors and staff of the Company, conditional on shareholder\napproval.\n\n\nThe Further Placing is in addition to the placing announced yesterday of up to\n51,485,206 new ordinary shares at 2.5 pence per share (the 'Placing') and brings\nthe potential total of the funds raised in the combined placings to £1.4 million\nbefore expenses, via the issue of up to 56,000,000 new ordinary shares at the\n2.5p per share placing price.\n\n\nCommenting on the two placings Fulton Muir, Chairman of Seeing Machines said '\nThe funds raised in this placing provide a solid base of working capital for the\ncompany to accelerate the commercialization of our new product lines, including\nthe Driver State Sensor, faceAPI and the upcoming TrueField Analyzer. These\nefforts comprise a central element of our strategy to transition the Company\nfrom its history of development and net cash burn to self sustainability and to\nuse that as a platform to realize our significant commercial potential. The\nplacing has been fully subscribed, and at a placing price of 2.5 pence per share\nit compares favourably with the prevailing mid-market price of 2.375 pence per\nshare.'\n\n\nAs announced yesterday a circular containing a Notice of Meeting convening a\nGeneral Meeting of the Company in Acton, ACT, Australia on 26 October 2007 for\nthe purpose of seeking the required shareholder approval for the two placings\nhas been posted to shareholders and is available from the investor pages of the\nCompany's web site www.seeingmachines.com. A presentation by the Company\nprovided to potential investors in the Placing is also available from those same\npages on the Company's website.\n\n\n--- ENDS ---\n\n\n\nEnquiries:\n\nSeeing Machines Limited Insinger de Beaufort Parkgreen Communications\nNick Cernea...