REG - Versarien PLC - Placing to raise £400,000

VersarienAnnouncement

19/01/2024 07:00

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RNS Number : 2199A  Versarien PLC  19 January 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) 596/2014 (AS AMENDED) AS IT FORMS PART OF THE DOMESTIC
LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 (AS AMENDED). UPON PUBLICATION OF THIS ANNOUNCMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

19 January 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £400,000

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
it has raised £400,000 (before expenses) by way of a placing (the "Placing")
of 500,000,000 new ordinary shares in the capital of the Company ("Placing
Shares") at a price of 0.08 pence per share (the "Placing Price").

 

Highlights

 

·    Versarien has raised £400,000, before expenses, through the placing
of 500,000,000 new ordinary shares in the capital of the Company at a price of
0.08 pence per share

·    The net proceeds of the Placing will be used for corporate and
working capital purposes as the Company seeks to capitalise on the growing
number of opportunities in its pipeline whilst continuing to progress its
asset sales

·    The issue of the Placing Shares is within existing authorities
granted by shareholders at the general meeting of the Company held on 10
January 2024 and therefore no shareholder approval is required for the Placing

 

Use of Proceeds and Turnaround Strategy

 

The net proceeds of the Placing will be used for corporate and working capital
purposes as the Company seeks to capitalise on the growing number of
opportunities in its pipeline. Recent new projects include a sales agreement
with Go To Gym to bring Graphene-Wear(TM) products to Colombia, Brazil and the
USA, and Versarien's subsidiary, Gnanomat, entering into an agreement to
co-develop advanced materials with IRPC, a Thai petroleum and petrochemical
company. These projects, along with a pipeline of other opportunities
currently being pursued demonstrate the longer term prospects for the
business.

 

As announced on 20 December 2023, the mature businesses and the intellectual
property and plant acquired from Hanwha Aerospace in 2020 continue to be
marketed for sale and the Company is progressing discussions with a number of
interested parties, though the timing of any asset sales and the quantum of
the funds that may be received remains uncertain.

 

Stephen Hodge, Chief Executive Officer of Versarien, commented:

 

"In the short time since the Company Update announced on 20 December, the
commercial, licencing and grant opportunities have continued to grow. This
further funding will help us to progress the conversion of these leads while
the asset sale discussions continue. We look forward to updating the market in
due course."

 

Admission and Total Voting Rights

 

Application has been made for admission of the Placing Shares to be admitted
to trading on AIM ("Admission") on or around 24 January 2024. The Placing
Shares will rank pari passu in all respects with the Company's existing
ordinary shares. Following Admission, the total number of ordinary shares in
the Company in issue will be 996,169,507. This figure may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in the Company under the FCA's Disclosure and Transparency
Rules.

 

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 light
manufacturing and licensing model.

 

For further information please see: http://www.versarien.com
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.versarien.com%2F&data=05%7C01%7Ctwhitfield%40mclnews.com%7Ca6f36820d41746bbb8f008da42f2dd6a%7C7560185ee95f4d5a8cc0c244cb450a3e%7C0%7C0%7C637895909595351380%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=vp8yFEBNrElWqj0WOIqnwLTzPx3mbDopgjGylVz4v0c%3D&reserved=0)

 

 

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