Thalassa raises gross proceeds of 5.4m pounds

Thalassa, the AIM-listed seismic data company, has conditionally raised gross proceeds of approximately 5.4m pounds through a placing of 4.5m new ordinary shares of 0.01 dollars each in nominal value at a price of 120p per ordinary share.

The company said that the net proceeds of the placing were intended to be used to acquire additional seismic acquisition equipment, including further PMSS[portable modular source systems]components, and provide it with sufficient working capital during this period of rapid growth, whilst also broadening the institutional shareholder base of the company.

The company reported that application had been made for the placing shares, which would rank pari passu in all respects with the existing ordinary shares of the company, to be admitted to trading on AIM, which is expected to be effective from 08:00 on April 17th.

Commenting on the placing, Duncan Soukup, Executive Chairman of Thalassa, said: "We are delighted by the support we have attracted from some of the leading UK institutional investors. We believe that the company is at a key stage in its development and that this placing will allow us to attract further opportunities with both existing and new clients through a significantly strengthened balance sheet.

He added: "The success of this placing is a testament to how far Thalassa has come since securing its first contract with BP in 2010 and I am excited by the future prospects for the company."

Thalassa's share price was unchanged at 132p at 10:13 on Friday.

MF