26 Feb 2010 07:00
ViaLogy PLC ("ViaLogy")
Placing to raise £2.9 million
London, February 25, 2010. ViaLogy (LSE:VIY) is pleased to announce that it has today raised approximately £2.88 million (gross) through the placing of 59,118,858 new ordinary shares of 1p each ("Placing Shares") at a price of 4.875p per share with certain existing shareholders ("the Placing").
The net proceeds of the Placing will be used in the further expansion of ViaLogy's Energy business which uses its proprietary QuantumRD™ technology to interpret seismic data for the location and analysis of oil well sites, as well as for general working capital purposes.
Application has been made for the 59,118,858 Placing Shares to be admitted to trading on AIM and dealings are expected to commence on March 2, 2010. Following the Placing, the total number of ordinary shares in issue and therefore the total number of voting rights is 690,475,334.
Terry Bond, chairman of ViaLogy commented: "The continuing success of ViaLogy's QuantumRD technology, and its ability to accurately predict the correct locations for well drillings in order to maximise the commercial potential of oil and gas deposits, is causing considerable interest in the O&G industry globally.
"To date we have concentrated our activities in Texas, where there are significant oil deposits in a wide variety of formations and at varying depths. In a state where the strike rate averages around 40% our first five analyses have all been successful. Our achievement is being recognised by exploration companies around the world and the additional funding will be used in part to expand ViaLogy's ability to handle the increased demand for its services."
The Company is recruiting additional geophysicists and mathematicians and acquiring additional sophisticated computer equipment.
For further information please contact:
| ViaLogy PLC |
|
|
|
|
|
|
| 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 842 756) |
|
|
|
|
| Seymour Pierce Limited Nominated Advisor and Broker to ViaLogy |
|
|
|
|
|
|
| Mark Percy / Catherine Leftley |
| +44 (0) 207 107 8000 |
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.