Funds used to strengthen company's balance sheet, as working capital
By Devika Patel
Knoxville, Tenn., May 21 - ViaLogy plc said it raised £2.05 million in a private placement of shares.
The company sold 74,363,637 ordinary shares at 2.75p each. The per-share price is a 21.43% discount to the May 18 closing share price of 3.5p.
Proceeds will be used to strengthen the balance sheet and provide additional working capital to support ViaLogy's strategy.
"2012 is shaping up to be a pivotal year for ViaLogy as we seek to fulfill our goal of widespread E&P industry adoption of our technology, QuantumRD," chief executive officer Robert W. Dean said in a press release. "Since the start of the year we have successfully signed new contracts with three of the largest global E&P firms where QuantumRD will be used in some of the world's most important development fields; aiming to improve significantly on industry-standard techniques now in use.
"The net funds raised from this placing will provide additional resources as we seek to secure further contracts."
"In light of the current difficult market conditions for raising money, I was personally delighted that, following a short round of institutional meetings, we were able to increase the level of the placing due to institutional demand," Dean said.
Based in Pasadena, Calif., ViaLogy develops computational systems for applications in life sciences, public safety and security, surveillance, defense and geoseismology.
| Issuer: | ViaLogy plc
|
| Issue: | Ordinary shares
|
| Amount: | £2,045,000
|
| Shares: | 74,363,637
|
| Price: | 2.75p
|
| Warrants: | No
|
| Settlement date: | May 21
|
| Stock symbol: | London: VIY
|
| Stock price: | 3.5p at open May 18
|
| Market capitalization: | £29.82 million
|
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