Versarien PLC Placing to raise GBP454,822 (7079S)
08 November 2023 - 8:00AM
UK Regulatory
TIDMVRS
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 GBP454,822
Versarien plc (AIM: VRS), the advanced materials engineering
group, announces it has raised GBP454,822 (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 GBP454,822, 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, t he 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
Matthew Johnson, Adam Cowl 0470
IFC Advisory Limited (Financial PR and
Investor Relations) +44 (0) 20 3934
Tim Metcalfe, Zach Cohen 6630
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
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