REG - Versarien PLC - Placing to raise £615,000

VersarienAnnouncement

20/03/2024 08:45

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RNS Number : 5860H  Versarien PLC  20 March 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.

 

20 March 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £615,000

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
it has raised £615,000 (before expenses) by way of a placing (the "Placing")
of 492,000,000 new ordinary shares in the capital of the Company ("Placing
Shares") at a price of 0.125 pence per share (the "Placing Price").

 

Highlights

 

●     Versarien has raised £615,000, before expenses, through the
placing of 492,000,000 new ordinary shares at a price of 0.125 pence per share

 

●     The net proceeds of the Placing will be used for corporate and
working capital purposes as the Company continues to progress its turnaround
strategy following the recent sale of its South Korean assets and licencing
agreement with Montana Química LTDA ("Montana")

 

●     The issue of the Placing Shares utilises the remaining 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 continues to implement its turnaround strategy. The
recent announcements regarding the sale of Versarien's South Korean assets and
licencing of IP to MCK Tech Co. Ltd, plus the licencing agreement with Montana
provide the Versarien board with additional confidence that the strategy is
working. The Company continues to pursue a variety of commercial opportunities
in its target markets of construction and leisure, and in other areas.

 

As announced on 11 March 2024, the Company's mature businesses, AAC Cyroma
Limited and Total Carbide Limited, continue to be marketed for sale and the
Company is progressing discussions with interested parties.

 

Stephen Hodge, Chief Executive Officer of Versarien, commented:

 

"We are very pleased to have raised these funds which will facilitate further
progress following the positive developments regarding the sale of the South
Korean assets and licencing deal with Montana, and will assist in laying the
foundations for us to implement a longer-term strategy for the business. We
look forward to providing further updates 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 25 March 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 1,488,169,507. 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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