Business
Issue of Equity to raise ?1.272 million
Issue of Equity to raise ?1.272 million.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 1147P Seeing Machines Limited 19 October 2012 \n \n\n \n \nSeeing Machines Limited\n('Seeing Machines' or 'the Company')\n \nISSUE OF EQUITY TO RAISE £1.272 MILLION\n \nSeeing MachinesLimited (AIM:SEE)is pleased to announce that it has raised gross proceeds of £1.272m through the issue of 63,582,803 new Ordinary Shares (the 'Placing Shares') to institutional and other investors in the UK and Australia, at a price of 2.0 pence per share (the 'Placing Price') (together 'the Placing'). The Placing Price represents a fourteen per cent. premium to the closing share price on 18 October 2012, being the latest practicable day prior to the date of this announcement. \n \nApplication has been made for the Placing Shares to be admitted to AIM and admission is expected to take place on or about 22 October 2012.\n \nThe proceeds of the Placing will be used to enable Seeing Machines to:\na. increase its inventory of DSS products to bring forward revenue resulting from new contracts being signed;\nb. invest in a new fully outsourced manufacturing process that is highly scalable and capable of meeting current forecast demand; and\nc. recruit additional R&D resources to enable the Company to deliver against contracts being negotiated with the auto industry and to recruit experienced general management with mining domain expertise.\n \nFollowing the Placing, the Company will have 477,221,682 Ordinary shares in issue, all of which will carry voting rights. This figure may be used by shareholders of the Company as the denominator for calculations by which they will determine if they are required to notify their interest in, or change their interest in, the ordinary share capital of the Company under the FSA's Disclosure and Transparency Rules.\n \nCommenting on the Placing Results, Seeing Machines Chairman, Terry Winters said: \n\"I am delighted to announce that Seeing Machines has raised nearly £1.3m at a fourteen per cent. premium to the Company's current share price. This placing follows on from the excellent progress the Company has made in the last few months in winning major new contracts within the mining sector.\" \n \nFollowing the issue of the Placing Shares, the relevant share holdings of directors, c...