REG - Versarien PLC - Conversion of Gnanomat Loan

VersarienAnnouncement

17/07/2024 07:00

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RNS Number : 6617W  Versarien PLC  17 July 2024

17 July 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Conversion of Gnanomat Loan

 

Versarien plc (AIM: VRS), the advanced materials engineering group announces
that the Company has converted its outstanding convertible loan of €1.25m,
plus accrued interest of €207k, into shares in its subsidiary Gnanomat S.L.
("Gnanomat").  The loan was made to Gnanomat following its acquisition by the
Company in October 2018.  As a result of the loan conversion, the Company's
interest in Gnanomat increases from 62% to 90%.

 

The loan has been converted to allow Gnanomat to apply for local grant funding
from the Madrid region, to finance a project relating to next generation
energy storage devices based on Gnanomat's advanced materials.  This proposal
was awarded the Seal of Excellence under the European Innovation Council (EIC)
Accelerator programme in 2020.  Previously, Gnanomat was unable to access
this funding due to debt restriction rules.

 

Stephen Hodge, Chief Executive Officer of Versarien, commented:

 

"We are pleased that we have been able to increase our shareholding in
Gnanomat which also allows the company access to further grant funding
opportunities following the loan conversion.

"The Board views Gnanomat as a critical part of Versarien's future growth and
innovation strategy. Over the past 12 months Gnanomat has received increased
grant funding and undertaken further commercial R&D projects. These
projects have already begun to yield trademarks and intellectual property,
which are integral to Versarien's business model."

 

For further information please contact:

 

 Versarien                                                   c/o IFC

 Stephen Hodge, Chief Executive Officer

 Chris Leigh, Chief Financial Officer

 SP Angel Corporate Finance (Nominated Adviser and Broker)   +44 (0)20 3470 0470

 Matthew Johnson, Adam Cowl

 IFC Advisory Limited (Financial PR and Investor Relations)  +44 (0) 20 3934 6630

 Tim Metcalfe, Zach Cohen

 

About Versarien:

 

The strategy of Versarien plc (AIM:VRS) is to be a development led advanced
materials company focussed on specific sectors that will lead to a
manufacturing-light and licensing model.

 

For further information please see: http://www.versarien.com
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