REG - Versarien PLC - Placing to raise £650,000

VersarienAnnouncement

14/07/2023 07:15

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RNS Number : 9962F  Versarien PLC  14 July 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.

 

14 July 2023

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £650,000

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces
it has raised £650,000 (before expenses) by way of a placing (the "Placing")
of 65,000,000 new ordinary shares in the capital of the Company ("Placing
Shares") at a price of 1.0 pence per share (the "Placing Price").

 

Highlights

 

·    Versarien has raised £650,000, before expenses, through placing of
65,000,000 new ordinary shares in the capital of the Company at a price of 1.0
pence per share

·    The net proceeds of the Placing will be used for working capital
purposes and as 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 in July
2023 and therefore no shareholder approval is required for the Placing

·    Company directors, Chris Leigh and Stephen Hodge, participated in the
Placing

 

 

Use of Proceeds and Turnaround Strategy

 

The net proceeds of the Placing will be used for working capital purposes and
as bridge finance to extend the Company's cash runway ahead of any funds
received from asset sales.

 

As previously announced, the Company is pursuing a disposal of assets,
including its mature businesses and the intellectual property and plant
acquired from Hanwha Aerospace in 2020, and a number of interested parties are
reviewing information in the data rooms. The timing of any asset sales and the
quantum of the funds that may be received is uncertain.

 

Chris Leigh, Chief Financial Officer of Versarien, commented:

 

"Following the passing of the resolutions at the general meeting held earlier
this month, the Board has decided that it would be prudent to raise further
finance to assist in bridging to the proposed asset sales. We look forward to
updating shareholders on continuing progress with the turnaround strategy in
the coming months."

 

Director Participation

 

The following directors of Versarien participated in the Placing:

 

 Director                                 Number of Placing Shares subscribed for  Total Ordinary Shares following the Placing  Total interest in the enlarged share capital
 Chris Leigh, Chief Financial Officer     1,000,000                                1,315,000                                    0.40%
 Stephen Hodge, Chief Technology Officer  1,000,000                                1,046,774                                    0.32%

 

Related Party Transaction

 

The Placing participation from Chris Leigh and Stephen Hodge is considered a
related-party transaction for the purposes of Rule 13 of the AIM Rules for
Companies. The directors (other than Chris Leigh and Stephen Hodge) consider,
having consulted with SP Angel Corporate Finance LLP, the Company's nominated
adviser, that the participation by Chris Leigh and Stephen Hodge in the
Placing is fair and reasonable in so far as Versarien's shareholders are
concerned.

 

Admission and Total Voting Rights

 

Application will be made for admission of the Placing Shares to be admitted to
trading on AIM ("Admission") on or around 20 July 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 330,779,690. 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

 Chris Leigh, Chief Financial Officer

 Stephen Hodge, Chief Technology 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)

 

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them:

 

 1.                   Details of the person discharging managerial responsibilities/person closely
                      associated
 (1)                  Full name of person Dealing                                  1. Chris Leigh

 2. Stephen Hodge
 2.                   Reason for notification
 (2)                  Position/status                                              1. Chief Financial Officer

2. Chief Technology Officer
 (3)                  Initial notification/ Amendment                              Initial notification
 3.                   Details of the issuer, emission allowance market participant, auction
                      platform, auctioneer or auction monitor
 (4)                  Name of entity                                               Versarien plc
 (5)                  LEI                                                          213800D6NZED7V8W2Z34
 4.                   Details of the transaction(s): section to be repeated for (i) each type of
                      instrument; (ii) each type of transaction; (iii) each date; and (iv) each
                      place where transactions have been conducted
 (6)                  Description of the financial instrument, type of instrument  Ordinary shares of 1 pence each
 (7)                  Identification code                                          GB00B8YZTJ80
 (8)                  Nature of the transaction                                    Participation in Placing
 (9)                  Price(s) and volume(s)                                       Share Prices(s)             Share Volume(s)
                                                                                   1.         1 pence          1,000,000
                                                                                   2.         1 pence          1,000,000
 (10)                 Aggregated information:                                      Single transaction as in 4(d) above

Share Prices(s)               Share Volume(s)
                      - Aggregated volume                                          1.          1 pence           1,000,000

                                                            2.          1 pence           1,000,000
                      - Price
 (11)                 Date of transaction                                          14 July 2023
 (12)                 Place of transaction                                         Outside a trading venue

(10)

Aggregated information:

- Aggregated volume

- Price

Single transaction as in 4(d) above

 Share Prices(s)               Share Volume(s)
 1.          1 pence           1,000,000
 2.          1 pence           1,000,000

(11)

Date of transaction

14 July 2023

(12)

Place of transaction

Outside a trading venue

 

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