Business
Placing
Placing.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n RNS Number : 9463J Seeing Machines Limited 09 April 2010 \n \n\n9 April 2010\n \n \nSeeing Machines Limited\n \nPlacing\n \n \nSeeing Machines Limited (\"Seeing Machines\" or the \"Company\"), a leading developer of advanced vision based industrial systems, is pleased to announce that its broker, Daniel Stewart & Company Plc, has raised gross proceeds of £3.3m through the issue of 93,649,478 new Ordinary Shares (the \"Placing Shares\") with institutional and other investors, at a price of 3.5 pence per share (the \"Placing Price\") (together the \"Placing\"). The Placing Price represents a twenty-two per cent premium to the closing share price on 8 April 2010, being the latest practicable day prior to the date of this announcement.\n \nApplication is being made for the Placing Shares to be admitted to AIM and admission is expected to take place on or about 16 April 2010.\n \nThe proceeds of the Placing will be used to accelerate the sale of the Company's DSS into the mining industry by investing in the Company's sales and support presence in Australia, Africa and the Americas. The Company has already identified a number of new personnel to build on its recent successes in the mining sector, where the Company has announced contracts to supply the DSS to both Freeport McMoRan and BHP Billiton in 2010. The proceeds of the Placing will also be used to develop further the Company's DSS product suite as well as provide general working capital. \n \nThe DSS is an active system that directly monitors the driver of a vehicle for distraction and fatigue events and provides a series of interventions aimed at managing these events and averting potential disasters.\n \nFollowing the Placing, the Company will have 405,814,407 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 the 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.\n \nNick Cerneaz, CEO of Seeing Machines, commented:\n \n\"I am delighted to announce that the Company has raised £3.3m at a significant premium to the Company's current share price. This placing follows on from the excellent progress the Company ha...