13th Dec 2016 08:13
LONDON (Alliance News) - Seeing Machines Ltd, which makes driver monitoring systems for transport markets, said on Tuesday it has raised GBP15.0 million via a placing and subscription and will seek to raise more funds via a placing in Australia.
The company said it has issued 329.6 million shares with institutional investors and another 45.4 million shares with major investor VS Industry Bhd and Chief Executive Ken Kroeger. The shares were all placed at 4.00 pence per share, raising a total of GBP15.0 million for the company.
In addition, Seeing Machines intends to raise another GBP2.0 million at the placing price or Australian dollar equivalent by issuing shares in Australia.
Shares in the company were down 12% at 3.98p early Tuesday.
Seeing Machines said the funds will back the commercialisation of its technology, including in its FOVIO automotive business.
"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," said Terry Winters, Seeing Machines' chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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