Versarien PLC Placing to raise GBP318,000 (0396T)

TIDMVRS

RNS Number : 0396T

Versarien PLC

15 March 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.

15 March 2023

Versarien plc

("Versarien" or the "Company")

Placing to raise GBP318,000

Versarien plc (AIM: VRS), the advanced materials engineering group, announces it has raised GBP318,000 (before expenses) by way of a placing (the "Placing") of 10,600,000 new ordinary shares in the capital of the Company ("Placing Shares") at a price of 3 pence per share (the "Placing Price").

Highlights

   --    A Placing of GBP318,000, before expenses, through the issue of 10,600,000 Placing Shares 

-- The net proceeds of the Placing will be used to continue Versarien's commercialisation work, primarily in the construction and leisure sectors and for general operational and working capital purposes

-- The issue of the Placing Shares uses the remaining existing authorities granted by shareholders at the annual general meeting of the Company held in September 2022 and therefore no shareholder approval is required for the Placing

Chris Leigh, Chief Financial Officer of Versarien, commented: " The funds raised through the Placing will allow us to continue to progress the opportunities that we are seeing, particularly in our most advanced project areas in the construction and textile sectors. Having streamlined the business and with a renewed focus, we continue to believe the Company has significant potential. We look forward to reporting on our progress in due course."

Use of Placing proceeds

The net proceeds of the Placing will be used to continue commercialisation work for the Company's products, primarily focusing on the construction and leisure sectors and for general operational and working capital purposes.

Admission and Total Voting Rights

Application will be made for admission of the Placing Shares to be admitted to trading on AIM ("Admission") on or around 21 March 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 223,249,790. 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 
 Chris Leigh, Chief Financial Officer 
 Stephen Hodge, Chief Technology Officer 
 
SP Angel Corporate Finance (Nominated 
 Adviser and Broker)                       [phone] 
 Matthew Johnson, Adam Cowl                 0470 
 
IFC Advisory Limited (Financial PR and 
 Investor Relations)                       [phone] 
 Tim Metcalfe, Zach Cohen                   6630 
 

About Versarien:

The strategy of Versarien plc (AIM:VRS) is to be a globally recognised graphene company with a wide portfolio of high-quality verified materials allied to the largest relevant IP portfolio supported by its own UK based research and development centre driving recurring revenue growth through its innovative graphene product applications.

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

IOEGPURAWUPWUAA

(END) Dow Jones Newswires

March 15, 2023 03:00 ET (07:00 GMT)