21st Feb 2014 08:29
LONDON (Alliance News) - Seeing Machines Ltd said Friday that it had raised GBP1 million in an oversubscribed share placing, funds that add to the GBP15 million it raised in December and which it will use to accelerate the growth of its mining business.
The AIM-listed technology company, which specialises in monitoring and intervention technologies, raised the money through the issue of 20 million new shares at 5 pence per share. It said the offer had been oversubscribed by nearly ten times, which meant it had to scale back allocations.
"Together with the GBP15 million raised from new and existing shareholders in December 2013, Seeing Machines is now well placed to accelerate growth of its mining business through the Caterpillar alliance and enter new attractive markets from which demand is already being received," said Chairman Terry Winters in a statement.
Seeing Machines last May signed a strategic agreement with Caterpillar Global Mining LLC, one of the world's biggest manufacturers of mining equipment, to fit its in-cab Fatigue Monitoring Systems in Caterpillar mining machines.
Shares in Seeing Machines were trading up 3.2% at 8.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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