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Seeing Machines Ltd - AIM-listed computer vision technology company - Issues 68.4 million new shares to US-based Toronado Fund LP at a price of 10.5 pence each, raising USD10 million. The purchase, conducted at a premium, was introduced and arranged by Beech Hill Securities, Seeing Machines says. The net proceeds of the purchase further strengthens the company's balance sheet, it says, and is expected to fund the business through to profitability.
"The capital raised will enable Seeing Machines to develop and collaborate on additional growth opportunities which are incremental to our core plans," says Chief Executive Paul McGlone.
Current stock price: 9.77p, up 3.4% on Monday
Year-to-date change: up 42%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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