LONDON (Alliance News) - ViaLogy PLC said Friday that it had raised GBP519,820 in an oversubscribed open offer, meaning it met its target of raising GBP1.6 million through a placing and open offer and can press ahead with its restructuring and strategy.
The technology company said that it had raised GBP1.1 million January 7 through a conditional placing of 1.1 billion shares.
The placing and open offer forms part of a proposed capital restructuring, with the funds being used to provide working capital and to explore other corporate opportunities.
Last September, the firm said it planned to seek new funding to push ahead with an expansion through new partnerships and a restructuring of the business. It had said it was evaluating a number of initiatives to provide a firm financial future and warned that there would be uncertainty about it continuing as a business if it couldn't raise new funds.
It has adopted an expanded investing policy focused on the facilities management and support services sectors.
Shares in Vialogy were trading down 3.5% at 0.140 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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