Last checked at 22 Mar 2021 07:00
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."
Enquiries:
Seeing Machines Limited | +61 2 6103 4700 |
Paul McGlone - CEO Sophie Nicoll - Corporate Communications |
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Cenkos Securities plc (Nominated Adviser and Broker) Neil McDonald Pete Lynch | +44 131 220 6939 |
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Stifel Nicolaus Europe Limited (Joint Broker) | +44 20 7710 7600 |
Alex Price Nick Adams |
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This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of Seeing Machines is Sophie Nicoll, SVP, Corporate Communications.
Seeing Machines (LSE: SEE), a global company founded in 2000 and headquartered in Australia, is an industry leader in vision-based monitoring technology that enable machines to see, understand and assist people. Seeing Machines' technology portfolio of AI algorithms, embedded processing and optics, power products that need to deliver reliable real-time understanding of vehicle operators. The technology spans the critical measurement of where a driver is looking, through to classification of their cognitive state as it applies to accident risk. Reliable "driver state" measurement is the end-goal of Driver Monitoring Systems (DMS) technology. Seeing Machines develops DMS technology to drive safety for Automotive, Commercial Fleet, Off-road and Aviation. The company has offices in Australia, USA, Europe and Asia, and supplies technology solutions and services to industry leaders in each market vertical.
www.seeingmachines.com