8 Feb 2013 15:01
ViaLogy PLC ("ViaLogy" or "the Company")
Placing of £1.4 million
London, February 8, 2013. ViaLogy PLC (AIM: VIY), a provider of reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas Exploration and Production (E&P) companies based on proprietary, patented active signal processing technology, is pleased to announce that it has today raised a total of £1,406,250 (before expenses) through the placing of 112,500,000 new ordinary shares ("the Placing Shares") at a price of 1.25p each ("the Placing") with existing and new institutional investors. As part of the Placing, for every three Placing Shares subscribed for, one warrant to subscribe for one new ordinary share at the Placing Price will be issued ("Warrant"). In aggregate, 37,500,000 Warrants have therefore been issued which can be exercised at any time until the first anniversary of issue.
Application has been made for the admission to trading on AIM of 112,500,000 Placing Shares, which is expected to take place on 13 February 2013.
The net proceeds of the Placing will be used to strengthen the balance sheet and provide additional working capital to support ViaLogy's strategy.
CEO, Robert W. Dean, commented "we start 2013 with a number of exciting projects including, among others, the recently announced extension of the work we are doing with Chevron, and our work in the North Sea for another client. The additional funds raised today will enable us to expand our customer reach as we secure further contracts."
For the purposes of the Disclosure and Transparency Rules, on admission of the first tranche of the Placing Shares, the Company's total issued share capital consists of 1,039,106,911 ordinary shares of 1 penny each.
The above 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 Disclosure and Transparency Rules.
Options Grant
Under the respective terms of their employment contracts entered into on 22 June 2010, Dr. Robert Dean, ViaLogy's CEO and President and Dr. Sandeep Gulati, ViaLogy's founder and Chief Technology Officer, have today been granted option awards. Dr Dean has been awarded options over 5,538,264 shares exercisable at 1.625p per share and Dr Gulati has been awarded options over 10,456,957 shares exercisable at 1p per share.
For further information:
ViaLogy PLC | ||
Terry Bond, Chairman - UK & Europe | +44 (0) 1235 834 734 | |
Seymour Pierce (Nominated Advisor and Broker) | +44 (0) 207 107 8000 | |
Mark Percy / Catherine Leftley (Corporate Finance) | ||
Katie Ratner (Corporate Broking) |
About ViaLogy:
ViaLogy provides reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas customers based on proprietary, patented active signal processing technology. ViaLogy's QuantumRD platform assists clients in de-risking prospects over a broad range of subsurface lithologies and complex stratigraphies to generate drilling targets, position offsets and enhance recovery.
ViaLogy's core technology rapidly and accurately detects weak signals buried in high noise background and clutter, and is applicable to active/passive seismic, electromagnetic and magneto telluric data. By exploiting normally disregarded noise variations induced by changes in porosity, fluid presence and permeability across the formation, and adding computer-designed noise to the data, ViaLogy is able to amplify subtle noise variations to enhance areal and depth resolution in complex lithologies that are not achievable through conventional means. For more information on ViaLogy, visit www.vialogy.com