22nd Mar 2016 10:41
LONDON (Alliance News) - Seeing Machines Ltd on Tuesday said it has raised GBP6.7 million through a placing with a new strategic investor.
The vehicle operator monitoring technology company said it has issued 129.7 million shares to VS Industry Bhd, a Hong Kong and Malaysia-listed group, at 5.199 pence per share. Seeing Machines shares were up 2.0% to 4.97p.
The shares have been issued to VS subsidiary VS International Venture Pte Ltd, an electronic manufacturing services provider. VS will have a 12% stake in Seeing Machines following the placing. Seeing Machines has a market capitalisation of GBP48.4 million.
Seeking Machines said the funds will provide working capital to back its ongoing product developments and recently-won contracts.
By Sam Unsted; [email protected]; @SamUAtAlliance
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