Versarien PLC Placing to raise £615,000

RNS Number : 5860H

Versarien PLC

20 March 2024

 

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.

 

20 March 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £615,000

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces it has raised £615,000 (before expenses) by way of a placing (the "Placing") of 492,000,000 new ordinary shares in the capital of the Company ("Placing Shares") at a price of 0.125 pence per share (the "Placing Price").

 

Highlights

 

●     Versarien has raised £615,000, before expenses, through the placing of 492,000,000 new ordinary shares at a price of 0.125 pence per share

 

●     The net proceeds of the Placing will be used for corporate and working capital purposes as the Company continues to progress its turnaround strategy following the recent sale of its South Korean assets and licencing agreement with Montana Química LTDA ("Montana")

 

●     The issue of the Placing Shares utilises the remaining authorities granted by shareholders at the general meeting of the Company held on 10 January 2024 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 as the Company continues to implement its turnaround strategy. The recent announcements regarding the sale of Versarien's South Korean assets and licencing of IP to MCK Tech Co. Ltd, plus the licencing agreement with Montana provide the Versarien board with additional confidence that the strategy is working. The Company continues to pursue a variety of commercial opportunities in its target markets of construction and leisure, and in other areas.

 

As announced on 11 March 2024, the Company's mature businesses, AAC Cyroma Limited and Total Carbide Limited, continue to be marketed for sale and the Company is progressing discussions with interested parties.

 

Stephen Hodge, Chief Executive Officer of Versarien, commented:

 

"We are very pleased to have raised these funds which will facilitate further progress following the positive developments regarding the sale of the South Korean assets and licencing deal with Montana, and will assist in laying the foundations for us to implement a longer-term strategy for the business. We look forward to providing further updates in due course."

 

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 25 March 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 1,488,169,507. 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 Stephen Hodge, Chief Executive Officer Chris Leigh, Chief Financial Officer	c/o IFC
SP Angel Corporate Finance (Nominated Adviser and Broker) Matthew Johnson, Adam Cowl	[phone]
IFC Advisory Limited (Financial PR and Investor Relations) Tim Metcalfe, Zach Cohen	[phone]

 

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 [e-mail] 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

 

 

IOEPPUPWWUPCURU