ViaLogy, a service provider to global oil and gas exploration and production companies, has boosted its working capital after raising funds through a placing of 100m shares.
The company has raised £1.05m after the shares were placed with existing and new investors at 1.05p each, a 0.45p discount to the mid-market closing price on the day before the placing announcement..
Following the placing, the total number of ordinary shares in issue is 852m shares.
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The announcement saw the penny stock's share price plunge 33% in early trading to a 52-week low 1.05p, before recovering to the previous night's closing value of 1.5p.
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