Wavefront imaging company, Iatia (ASX:IAT) has drawn a total of $110,438.65 through its Standby Equity funding facility with Fortrend Securities Pty Ltd. Three drawdowns under the facility have been made since Iatia successfully secured the $5 million funding facility in May 2009.

Growing interest in the company and improved share market liquidity has made a larger amount of funds available to Iatia under the provisions of the agreement.

The agreement allows for Iatia to draw down up to $5 million at the company’s discretion over three years. The timing and amounts of any draw down are subject to weighted average trading volumes and prices over a determined period of time. Shares are issued at a small discount to market and include the issue of unlisted options. The company anticipates, over the life of the agreement, shares will be issued at higher prices as the market reflects the progress in Iatia's development. Fortrend Securities and Iatia have agreed that Fortrend may take up to a 5% stake in the company.

Draw downs under the Fortrend facility add to the funds recently raised from the company's Share Purchase Plan (SPP) where shareholders demonstrated their strong support for the company by raising $287,000. The SPP and the progress with Fortrend show strong evidence of market confidence in the continuing growth and success of Iatia's technology.

Charles Laycock, CEO Iatia, said, "We are delighted with the progress of the Fortrend agreement. This combined with our success with the Share Purchase Plan in June has enhanced confidence in our ability to deliver in our business strategy."

The Fortrend facility will provide funds to assist in the establishment of a larger presence in the US, expand the market presence in Europe, accelerate product development and for general working capital.