RNS - SHARE ISSUE 2 a premium22 Mar 2021 07:05
Seeing Machines Limited Issue of shares and total voting rights
Source: UK Regulatory (RNS & others)
TIDMSEE
RNS Number : 9927S
Seeing Machines Limited
22 March 2021
22 March 2021
Seeing Machines Limited
Issue of shares and total voting rights
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, annouces that it has issued 68,403,430 new ordinary shares of no par value each (the "New Ordinary Shares") to US based Toronado Fund, LP, at a price of 10.5 pence per New Ordinary Share, raising gross proceeds of approximately US$10 million (the "Purchase"). The Purchase, conducted at a premium, was introduced and arranged by Beech Hill Securities.
The net proceeds of the Purchase further strengthens the Company's balance sheet and is expected to fund the business through to profitability.
Application will been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur and dealings will commence in the New Ordinary Shares at 8.00 a.m. on 26 March 2021.
Total Voting Rights
Following Admission, the Company's issued and fully paid share capital will consist of 3,805,617,804 ordinary shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 3,805,617,804. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Paul McGlone, CEO of Seeing Machines, commented: "We warmly welcome Toronado as a shareholder, and are delighted that a second high quality US investor has chosen to invest in our Company, underpinning our strategy to broaden the representation of institutions on our register. The capital raised will enable Seeing Machines to develop and collaborate on additional growth opportunities which are incremental to our core plans.
"Following initial interest from the US late last year, we continue to see increasing enthusiasm around driver monitoring technology and, in particular, Seeing Machines' growing market opportunity."
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