REG - Versarien PLC - Placing to raise £454,822

VersarienAnnouncement

08/11/2023 07:00

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RNS Number : 7079S  Versarien PLC  08 November 2023

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.

 

8 November 2023

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £454,822

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
it has raised £454,822 (before expenses) by way of a placing (the "Placing")
of 165,389,817 new ordinary shares in the capital of the Company ("Placing
Shares") at a price of 0.275 pence per share (the "Placing Price").

 

Highlights

 

·    Versarien has raised £454,822, before expenses, through the placing
of 165,389,817 new ordinary shares in the capital of the Company at a price of
0.275 pence per share

·    The net proceeds of the Placing will be used for corporate and
working capital purposes, together with providing bridge finance to extend the
Company's cash runway ahead of any funds received from asset sales

·    The issue of the Placing Shares is within existing authorities
granted by shareholders at the general meeting of the Company held on 30
October 2023 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, together with providing bridge finance to extend the Company's cash
runway ahead of any funds received from asset sales.

 

Versarien continues to pursue its stated turnaround strategy:

·    to maintain and strengthen the Company's scientific teams;

·    use its know-how in construction and textiles to be a manufacturing
light operation;

·    to licence Versarien's technology, brands and manufacturing
understanding; and

·    divest non-core activities.

 

As previously announced, 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. The sale process for AAC Cyroma Limited, a manufacturer of moulded
products, is the most advanced. However, the timing of any asset sales and the
total quantum of the funds that may be received remains uncertain.

 

Stephen Hodge, Chief Executive Officer of Versarien, commented:

 

"As we have previously announced, the Company requires further funding to
continue its turnaround strategy and we welcome the investor interest in this
Placing. We continue to focus on this strategy, pursuing an encouraging
pipeline of commercial and R&D projects, as well as technology licencing
opportunities. We look forward to updating shareholders on continuing progress
in the coming months."

 

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 13 November 2023. 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 496,169,507. 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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