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Scientific Digital Imaging plc Announces GBP850,000 Equity Fundraising; Enters Into Loan Agreement

Friday, 21 Jun 2013 06:30am EDT 

Scientific Digital Imaging plc announced that it has conditionally raised approximately GBP850,000 (before expenses) through a placing of 4,833,334 new ordinary shares of 1p each (Ordinary Shares) at a price of 15 pence per Ordinary Share, and following the receipt of subscriptions for 833,334 Ordinary Shares at a price of 15 pence per Ordinary Share, (New Shares) (the Equity Fundraising). The issue of the New Shares is conditional, inter alia, on shareholder approval at a General Meeting. The proceeds of the Equity Fundraising will be used to repay in full the GBP379,000 of outstanding convertible loan stock, which is repayable in July 2013, together with all interest that has accrued thereon. Alongside the Equity Fundraising, the Company has also entered into a loan agreement with an existing shareholder, Dana Investments BV (Dana), whereby Dana will lend to the Company GBP50,000 as an interest bearing loan (the Loan). Dana is also participating in the Equity Fundraising as to 333,334 New Shares and on completion of the Equity Fundraising Dana will hold 3,496,494 Ordinary Shares representing 15.2 per cent. of the Company's issued share capital as enlarged by the New Shares. The balance of the proceeds of the Equity Fundraising, together with the Loan, will be used for general working capital purposes and software development. 

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