LONDON (Alliance News) - Shares in Arria NLG PLC are trading up 62% Wednesday morning after it said it has made positive progress in securing funding, which it anticipates will be in the form of convertible loan notes, with subscribers expected to be issued with warrants to subscribe for new shares at a premium to its current share price.
The company had previously been in talks to raise funds in April, but these talks were suspended after its contract with a unit of Royal Dutch Shell PLC was terminated, which threw its revenue expectations into doubt.
Arria NLG expects to announced the finalised funding arrangements in the next couple of weeks.
The company reiterated confidence in the potential of its technology, and cited a further two new client contracts secured in May with MeteoGroup UK Ltd and the UK member of a global financial services group.
Additionally, it has continued to work on its technology partnership with the IBM Watson Group.
"The state of the company's client pipeline is robust and the company is moving prospects through the various stages of client engagement to achieve revenues as soon as possible. The board of Arria NLG looks forward to announcing further new client contracts for its NLG technology," the company said in a statement.
Shares in Arria NLG are trading up 62% at 10.94 pence, the best performer in the London Main Market.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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