Versarien plc (LON:VRS), the advanced materials group, has announced a fundraising of approximately £1.2 million (before expenses) by the issue and allotment by the Company of approximately 6.67 million new ordinary shares of 1p each in the Company (“New Ordinary Shares”) at an issue price of 18 pence per New Ordinary Share, being a discount of 21 per cent to the closing mid-price on 2 November 2017. The fundraising comprises an institutional placing by WH Ireland (the “Placing”) in conjunction with an offer via PrimaryBid (the “Offer”) (together the “Fundraising”).
The Company is pleased to provide private and other investors the opportunity to participate in the Fundraising by applying exclusively through the PrimaryBid.com platform under the Offer. PrimaryBid does not charge investors any commission for this service.
The Company will use the proceeds of the Fundraising to purchase capital equipment and provide working capital to enable the various existing and prospective graphene related collaborations with global OEMs to be progressed. The intended capital equipment purchases are designed to enable the Company to increase the production capacity of its proprietary Nanene few layer graphene nano-platelets by a factor of approximately ten.
Highlights
· Fundraising at 18 pence per New Ordinary Share (a discount of 21 per cent to the closing mid-price per Ordinary Share on 2 November 2017) to raise an aggregate of approximately £1.2 million (before expenses).
· Net proceeds of the Fundraising will be applied towards capital equipment and working capital to progress existing and prospective collaboration agreements with global OEMs.
· The Company values its private investor base and is therefore opening the Fundraising to individual and institutional investors exclusively on PrimaryBid.com from 4.30 p.m. on 3 November 2017 to 5 p.m. on 5 November 2017. The Offer may close early if it is oversubscribed.
· Subscriptions under the Offer will be considered by the Company on a “first come, first served” basis subject to conditions.
· Any investment request over £50,000 will first require the Company’s consent.
No commission is charged to investors on applications to participate in the Offer made through PrimaryBid. It is vital to note that once an application for New Ordinary Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.
For further information on PrimaryBid.com or the procedure for applications under the Offer, visit www.PrimaryBid.com or call PrimaryBid.com on +44 (0)20 7491 6519.
Neil Ricketts, Chief Executive Officer of Versarien, commented:
“We are delighted with the support we have already received from both existing and new institutional investors for this fundraising, and, as previously, to have the opportunity to allow private shareholders to participate on the same terms as the institutions through PrimaryBid.
“The funds raised will allow us to invest in capital equipment to scale up production of our Nanene graphene nano platelets by a factor of approximately ten and provide working capital as we continue to sign collaboration agreements with global OEMs.”
