LONDON (Alliance News) - Natural language generation technology company Arria NLG PLC on Wednesday said it has received the majority of its funding and expects the rest to be received in coming weeks.
Arria said it has now received GBP2.9 million of the GBP3.8 million it has raised via the issue of convertible loan notes. It expects to get the remaining GBP900,000 in coming weeks.
Shares in the company were up 4.8% to 33.00 pence on Wednesday afternoon.
Arria ran into trouble in April after its previous funding talks fell through following the loss of a contract with a unit of oil and gas major Royal Dutch Shell PLC, which served to plunge its revenue expectations into doubt.
But in June, the company secured the GBP3.8 million loan note fundraising, the first stage of a funding plan it has put in place and which is being managed by investment bank MSL Capital Markets. The next stage of the plan will involve the company taking an additional listing in New Zealand, which it expects to complete this year.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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