Versarien plc (LON:VRS), the advanced materials engineering group, has announced it has raised £550,000 (before expenses) by way of a placing of 846,153,845 new ordinary shares in the capital of the Company at a price of 0.065 pence per share.
Highlights
● Versarien has raised £550,000, before expenses, through the Placing of 846,153,845 new ordinary shares in the capital of the Company at a price of 0.065 pence per share.
● The net proceeds of the Placing will be used for the purchase of concrete and mortar testing equipment to support the ongoing CementeneTM admixture developments for BS934 accreditation, and for use in testing new mortars and products developed using the Company’s 3D construction printing capability, in addition to general corporate and working capital purposes.
Use of Proceeds
The net proceeds of the Placing will be used for the purchase of Versarien’s own mortar and concrete testing systems for monitoring mechanical and durability properties, alongside providing additional funding for general corporate and working capital purposes.
The securing of an in-house concrete and mortar testing capability is viewed by the Directors as essential for supporting the Company’s ongoing CementeneTM admixture developments, and helping the Company towards securing BS934 accreditation. The Directors believe that bringing this testing capability in-house will provide the Company with greater flexibility and cost-savings.
Alongside the development of CementeneTM, Versarien continues to pursue a variety of commercial opportunities in its target markets of construction and leisure, and in other areas.
As previously announced, the disposal of the two mature businesses remains an ongoing process. Talks are at an advanced stage with one party regarding the sale of the AAC Cyroma plastics business, although there can be no certainty that this will lead to a successful sale.
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 29 July 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 2,334,323,352. 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.
