Arria NLG has struck an investment agreement which could be worth more than £6 million and may see Lanstead Capital become its largest individual shareholder.
The business, which uses software developed at Aberdeen University to convert complex data into readable text, has called a general meeting to get shareholder support for the proposal.
Arria said the cash would be used to release more products and push further into the United States.
Lanstead has provisionally subscribed to 18.75 million new shares with an initial 15 per cent of the proceeds, around £900,000, being retained by AIM-listed Arria.
The remainder would be distributed on a monthly basis over a period of 18 months and is dependent on Arria’s share price.
If Arria’s stock stays at a benchmark price of 42.67p it will receive monthly payments of approximately £283,333.
But the payment would be reduced or increased by the same percentage which the share price is below or above the benchmark.
If the deal goes ahead Lanstead, which has offices in London, the United States and Australia, will initially hold around 4.74 per cent of Arria but will end up with 15.95 per cent.
Stuart Rogers, chairman and chief executive of Arria, said: "We are pleased to have secured a significant funding package for Arria and to welcome Lanstead Capital as a shareholder.”
The Lanstead investment is in addition to £3.3m of convertible loan notes which was agreed earlier this year.
Mr Rogers said a plan to have an additional listing on the New Zealand Stock Exchange is still being pursued but won’t be completed this year.
He pointed out Arria has expanded into industries such as aviation, banking, insurance, travel and finance over the past 12 months while also securing a number of patents on its key technology.
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