24th Jun 2015 07:46
LONDON (Alliance News) - Natural language generation technology company Arria NLG PLC on Wednesday said it has made progress in securing new funding and expects to provide a further update by the end of this month.
Arria had been in funding talks back in April this year, but these were terminated after it lost a contract with a unit of FTSE 100-listed oil company Royal Dutch Shell PLC, which meant its revenue expectations were plunged into doubt.
Shares in the company surged higher earlier this month after it said it had made positive progress in securing new funding. It said at the time it expects the funding to be in the form of convertible loan notes, with subscribers expected to be issued with warrants to subscribe for new shares at a premium to its share price at the time of the announcement.
Arria shares were down 1.4% to 17.0126 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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