AIM-listed ViaLogy has raised £1.8m which will help it roll-out new technology for the oil and gas industry.
The £1.8m fundraising, which includes expenses, was made through a placing of 45,000 shares. The proceeds will be used to provide additional working capital for the company, which provides sensor equipment to the defence and security industries. However, ViaLogy has also announced that it developing its patented technology for two new applications in the oil & gas industry.
ViaLogy’s chairman Terry Bond, said: "In the difficult financial climate that exists nationally and globally we are pleased that the share placing was completed satisfactorily.
"The additional funds will enable us to continue to exploit opportunities to commercialise ViaLogy’s technology.
"This is an exciting time for ViaLogy. Successful results from the drilling of the first ‘Vialogy well’ in Texas next month should have a significant impact on the oil exploration industry.
The company was advised by St Helen’s Capital on the deal.
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