Arria said on Monday that it has raised £3.75m in capital through unsecured loan notes convertible into the company's ordinary shares at 40p per share.The funding comes as the first stage of a two-stage capital plan being managed for Arria by MSL Capital Markets.Stage one involved the early drawdown of £1.85m from the Ikonic Fund SAC consisting of two instalments under the unsecured convertible loan note instrument between the company and Ikonic dated 30 September 2014. These amounts were not due for drawdown until 31 December 2015 and 31 March 2016.Arria raised £1.9m through subscriptions for the new loan notes from existing shareholders in the company, which have the same terms as the Ikonic notes.The second stage of the capital plan is targeted for completion this year and calls for MSL to organise a public offer and a listing of Arria's ordinary shares on the New Zealand Stock Exchange.Chairman and chief executive Stuart Rogers said: "I am delighted we have concluded this next stage of our capital raising, which provides stability and support to our current operations as it directly addresses our near to medium-term working capital requirements."He added: "Such strong support of Arria's business direction is indicative of the participating shareholders' belief in the long term value proposition of Arria's Natural Language Generation technology."At 09:03, shares were up 11% at 19p.