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 

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 or visit 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.

END

IOEUPGWWGUPWPUM

(END) Dow Jones Newswires

November 08, 2023 02:00 ET (07:00 GMT)

Versarien (AQSE:VRS.GB)
Historical Stock Chart
Von Nov 2024 bis Dez 2024 Click Here for more Versarien Charts.
Versarien (AQSE:VRS.GB)
Historical Stock Chart
Von Dez 2023 bis Dez 2024 Click Here for more Versarien Charts.