REG - Versarien PLC - Placing to raise £550,000

VersarienAnnouncement

24/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240724:nRSX5508Xa&default-theme=true

RNS Number : 5508X  Versarien PLC  24 July 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.

 

24 July 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £550,000

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
it has raised £550,000 (before expenses) by way of a placing (the "Placing")
of 846,153,845 new ordinary shares in the capital of the Company ("Placing
Shares") at a price of 0.065 pence per share (the "Placing Price").

 

Highlights

 

●     Versarien has raised £550,000, before expenses, through the
Placing of 846,153,845 new ordinary shares in the capital of the Company at a
price of 0.065 pence per share.

●     The net proceeds of the Placing will be used for the purchase of
concrete and mortar testing equipment to support the ongoing Cementene(TM)
admixture developments for BS934 accreditation, and for use in testing new
mortars and products developed using the Company's 3D construction printing
capability, in addition to general corporate and working capital purposes.

 

Use of Proceeds

 

The net proceeds of the Placing will be used for the purchase of Versarien's
own mortar and concrete testing systems for monitoring mechanical and
durability properties, alongside providing additional funding for general
corporate and working capital purposes.

 

The securing of an in-house concrete and mortar testing capability is viewed
by the Directors as essential for supporting the Company's ongoing
Cementene(TM) admixture developments, and helping the Company towards securing
BS934 accreditation. The Directors believe that bringing this testing
capability in-house will provide the Company with greater flexibility and
cost-savings.

 

Alongside the development of Cementene(TM), the Company continues to pursue a
variety of commercial opportunities in its target markets of construction and
leisure, and in other areas.

 

As previously announced, the disposal of the two mature businesses remains an
ongoing process. Talks are at an advanced stage with one party regarding the
sale of the AAC Cyroma plastics business, although there can be no certainty
that this will lead to a successful sale.

 

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 29 July 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 2,334,323,352. 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
manufacturing-light 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)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEPPUBUMUPCPUW