Versarien plc (LON:VRS), the advanced materials engineering group, has announced it has raised £450,000 (before expenses) by way of a placing of 1,384,615,385 new ordinary shares in the capital of the Company at a price of 0.0325 pence per share.
The net proceeds of the Placing will be used to further increase the Company’s in-house concrete and mortar testing capabilities and fund external UKAS accredited testing services for 3D construction printed products, as well as for general corporate and working capital purposes.
As announced on 14 August 2024, Versarien has signed its first significant 3D construction printing (3DCP) contract with Building For Humanity CIC, for their flagship Charter Street project, in Accrington, UK. On-site 3DCP activities will likely start in 2025. In addition, the Company announced on 1 October 2024 that it had entered into a 12 month commercially funded project with Balfour Beatty, one of the UK’s largest construction companies, to develop graphene enhanced 3DCP materials and products. These projects, and others, demonstrate the traction the Company is experiencing in the construction sector.
As previously announced, as at 4 October 2024, the Company had a pipeline of opportunities of £4.7m, of which commercial opportunities represents £1.6m and grants £3.1m. The net proceeds of the Placing will also help the Company to pursue these opportunities.
Admission and Total Voting Rights
Application has been made for admission of the Placing Shares to be admitted to trading on AIM on or around 22 October 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 3,718,938,737. 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.
