ViaLogy hopes to raise £1.59 million via private placement of shares, warrant exercise

By Devika Patel

Knoxville, Tenn., April 2 - ViaLogy plc said it hopes to raise up to £1.59 million in a private placement of shares. The company also said it is reducing the strike prices of the warrants sold in 2007 and 2008.

The 27.5 million warrants issued in October 2007 will be exercisable at 2.5p, lowered from 10p, per ordinary share until noon ET on April 30. The 45 million warrants issued in October 2008 will be exercisable at 2p, lowered from 5p, per ordinary share until April 30.

In addition, the 1,193,654 warrants held by directors George Rehm and Michael Kelly and the 2.5 million warrants held by Richard Dixey and Mark Tompkins will have a strike price of 2p per share during the same period.

The lowered strike prices are expected to raise £1.59 million for the company.

The private placement will raise £1.59 million, minus the amount raised by the warrants. The per-share price will be determined after the warrants have been exercised, but the company expects to issue up to 50,377,300 shares.

Located in Gifford, Scotland, ViaLogy is a technology company.

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