Seeing Machines Ltd, the AIM-listed technology company with a focus on operator monitoring and intervention sensing technologies and services, has conditionally raised £15 million(US$ 19.02million), before expenses, through a placing and subscription.
finnCap Ltd, as the company’s broker, has conducted a placing of 329,611,500 new ordinary shares in Seeing Machines with institutional investors at a price of 4 pence per share and 45,388,500 Ordinary Shares have been subscribed for with the company at the Placing Price by its strategic investor, V S Industry Berhad and by Ken Kroeger, chief executive officer of the company.
The placing is said by the company to demonstrate strong, continued support by existing shareholders. In addition, the company will provide an opportunity to certain existing shareholders to raise up to a further £2 million(US$ 2.54 million) at the Placing Price under an overseas offer and an Australian offer, details of which are set out below.
The net proceeds of the placing and subscription, and the offers will provide growth capital to continue the ongoing commercialisation of the company’s technology, including the FOVIO automotive business. The fundraising is conditional upon shareholder approval.
Terry Winters, Seeing Machines’ chairman, commented: “We are delighted with the support shown by investors in the Placing and Subscription. We are seeing strong demand for our advanced Driver Monitoring Systems from global car makers and from their tier 1 suppliers. We previously considered spinning out our FOVIO automotive business however the directors have resolved it is in the best interests of shareholders to retain full ownership. All our intellectual property including data, our SiP Driver Monitoring System chip and all our key staff will remain available to all Seeing Machines’ target industries.
He added, “We continue to execute on our multi-sector transportation market strategy and this capital raise supports the ongoing commercialisation of our technology across these target markets, including our FOVIO automotive business. I would like to thank investors for their support, and invite eligible existing shareholders to participate in the proposed capital raising by way of the Australian Offer and the Overseas Offer.”
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