Seeing Machines Limited Issue of shares and total voting rights (9927S)
March 22 2021 - 2:00AM
UK Regulatory
TIDMSEE
RNS Number : 9927S
Seeing Machines Limited
22 March 2021
22 March 2021
Seeing Machines Limited
Issue of shares and total voting rights
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the
"Company"), the advanced computer vision technology company that
designs AI-powered operator monitoring systems to improve transport
safety, annouces that it has issued 68,403,430 new ordinary shares
of no par value each (the "New Ordinary Shares") to US based
Toronado Fund, LP, at a price of 10.5 pence per New Ordinary Share,
raising gross proceeds of approximately US$10 million (the
"Purchase"). The Purchase, conducted at a premium, was introduced
and arranged by Beech Hill Securities.
The net proceeds of the Purchase further strengthens the
Company's balance sheet and is expected to fund the business
through to profitability.
Application will been made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM ("Admission").
It is expected that Admission will occur and dealings will commence
in the New Ordinary Shares at 8.00 a.m. on 26 March 2021.
Total Voting Rights
Following Admission, the Company's issued and fully paid share
capital will consist of 3,805,617,804 ordinary shares, all of which
carry one voting right per share. The Company does not hold any
Ordinary Shares in treasury. Therefore, the total number of
ordinary shares and voting rights in the Company will be
3,805,617,804. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Paul McGlone, CEO of Seeing Machines, commented: "We warmly
welcome Toronado as a shareholder, and are delighted that a second
high quality US investor has chosen to invest in our Company,
underpinning our strategy to broaden the representation of
institutions on our register. The capital raised will enable Seeing
Machines to develop and collaborate on additional growth
opportunities which are incremental to our core plans.
"Following initial interest from the US late last year, we
continue to see increasing enthusiasm around driver monitoring
technology and, in particular, Seeing Machines' growing market
opportunity."
Enquiries:
Seeing Machines Limited +61 2 6103 4700
Paul McGlone - CEO
Sophie Nicoll - Corporate Communications
Cenkos Securities plc (Nominated Adviser and
Broker)
Neil McDonald
Pete Lynch +44 131 220 6939
Stifel Nicolaus Europe Limited (Joint Broker) +44 20 7710 7600
Alex Price
Nick Adams
This announcement contains inside information. The person
responsible for arranging the release of this announcement on
behalf of Seeing Machines is Sophie Nicoll, SVP, Corporate
Communications.
Seeing Machines (LSE: SEE), a global company founded in 2000 and
headquartered in Australia, is an industry leader in vision-based
monitoring technology that enable machines to see, understand and
assist people. Seeing Machines' technology portfolio of AI
algorithms, embedded processing and optics, power products that
need to deliver reliable real-time understanding of vehicle
operators. The technology spans the critical measurement of where a
driver is looking, through to classification of their cognitive
state as it applies to accident risk. Reliable "driver state"
measurement is the end-goal of Driver Monitoring Systems (DMS)
technology. Seeing Machines develops DMS technology to drive safety
for Automotive, Commercial Fleet, Off-road and Aviation. The
company has offices in Australia, USA, Europe and Asia, and
supplies technology solutions and services to industry leaders in
each market vertical.
www.seeingmachines.com
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END
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