5 May 2009 15:24
VIALOGY PLC ("VIALOGY" OR "THE COMPANY")
Exercise of Warrants
LONDON, May 5, 2009 - ViaLogy PLC (LSE: VIY). Further to the Company's announcement on 2 April 2009 to offer investors who participated in ViaLogy's 2007 and 2008 funding rounds the opportunity to exercise their warrants at a reduced price, the Company is pleased to announce that of the 27,500,000 2009 Warrants, 26,687,500 warrants have been exercised and of the 45,000,000 2010 warrants, 45,000,000 warrants have been exercised. In addition, all of the 2,500,000 warrants held by Dr Richard Dixey and Mark Tompkins have been exercised.
Under the subscription agreement entered into between the Company and certain institutions and individuals ("Subscribers") on the 2 April 2009 ("Subscription Agreement"), the Subscribers will subscribe for 812,500 new Ordinary Shares (being the balance of Ordinary Shares not taken up under the 2009 Warrant and 2010 Warrant exercise) at 2.5 pence per share.
In aggregate, the exercise of the 2009 Warrants, the 2010 Warrants and the 2,500,000 warrants held by Dr Richard Dixey and Mark Tompkins, and the 812,500 new Ordinary Shares subscribed for under the Subscription Agreement, has raised £1,637,500 (before expenses) for the Company.
Application has therefore been made for the 75,000,000 new Ordinary Shares to be admitted to trading on AIM and admission is expected to occur on 7 May 2009.
"We are delighted by the response to our re-pricing proposal which has seen an almost 99 per cent. take up from Warrantholders," said Terry Bond, chairman of ViaLogy. "Our innovative approach has allowed us to raise £1.6 million to provide much needed funding for future on-going expenditure, including the opportunity to increase our financial participation in the latest successful well our QuantumRD technology has identified on the Galba Oil Prospect in south central Texas. "By repricing existing warrants we were also able to minimise the dilution effect on shareholders."
Ends
For further information please contact:
ViaLogy
Robert W Dean, President & CEO - US +1 626-296-6337 (mobile: +1 703-589-3807) Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734 (mobile: 07860 842756)
Nominated Advisor (Seymour Pierce) Mark Percy +44 (0) 20-7107-8000
Brokers to ViaLogy PLC (St. Helen's Capital)
Ruari McGirr / Sebastian Wykeham +44 (0) 7628 5582
About ViaLogy
ViaLogy is a leading innovator of network-centric, real-time signal processing platforms for sensor applications. ViaLogy is currently deploying and designing computational systems, powered by its patented technologies, for applications in life sciences, public safety and security, surveillance, defense and geoseismology. ViaLogy focuses on market driven problems where automation, timeliness, quality and reliability of information processing are essential. ViaLogy's core competency incorporates rapidly and accurately detecting weak signals buried in high noise background and clutter. This technology can be employed to solve problems involving sensor integration and information overload challenges involving video, telephony and control sensors, as well as for enhancement of numerous signal processing applications. For more information, visit our website at www.ViaLogy.com.
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied.