Versarien PLC Fundraising of approximately £1.2 million (5756V)

TIDMVRS

RNS Number : 5756V

Versarien PLC

03 November 2017

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.

THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") AND HAS BEEN APPROVED BY DARWIN STRATEGIC LIMITED WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. PRIMARYBID LTD IS AN APPOINTED REPRESENTATIVE OF DARWIN STRATEGIC LIMITED.

Versarien plc

("Versarien" or the "Company")

Fundraising of approximately GBP1.2 million

Versarien plc (AIM:VRS), the advanced materials group, is pleased to announce a fundraising of approximately GBP1.2 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 GBP1.2 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 GBP50,000 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 [phone].

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."

Enquiries:

Versarien plc 01242 269 122

Neil Ricketts, CEO

Chris Leigh, CFO

WH Ireland (Nominated Advisor) 0117 945 3470

Mike Coe / Ed Allsopp

PrimaryBid Limited 020 7491 6519

Dave Mutton

IFC Advisory Ltd, Financial PR and IR 0203 053 8671

Tim Metcalfe

Graham Herring

Heather Armstrong

Introduction

The Company today announces a Fundraising of approximately GBP1.2 million (before expenses) through the issue and allotment by the Company of an aggregate of approximately 6.67 million new ordinary shares of 1 pence each in the Company ("New Ordinary Shares") at a price of 18 pence per New Ordinary Share ("Issue Price").

The Company highly values its private investor base which has supported the Company alongside institutional investors over several years. Given the longstanding support of private shareholders, the Company believes that it is appropriate to provide private and other interested investors the opportunity to participate in the Fundraising. The Company is therefore making the Offer exclusively through PrimaryBid.com.

Private and other investors may participate in the Offer of New Ordinary Shares on a on a first come, first served basis, exclusively through PrimaryBid.com.

The Fundraising

Details of the Fundraising

The Company is raising a total of approximately GBP1.2 million, before expenses. Approximately 6.67 million New Ordinary Shares are available pursuant to the Fundraising at the Issue Price, payable in full on acceptance.

The Offer is offered under the exemptions against the need for a prospectus allowed under the Prospectus Rules. As such, there is no need for publication of a prospectus pursuant to the Prospectus Rules, or for approval of the same by the Financial Conduct Authority in its capacity as the UK Listing Authority.

The Company offers for subscription under the Fundraising up to 6.67 million New Ordinary Shares at the Issue Price to raise approximately GBP1.2 million with a minimum subscription of GBP1,000 per investor. The Offer is open to existing shareholders and other investors subscribing via PrimaryBid.com. This allocation will be filled on a "first come first served" basis.

The maximum investment amount for any investor is GBP50,000. Any investment request over GBP50,000 is subject to scale back.

For further details please refer to the PrimaryBid.com website at www.PrimaryBid.com.

The terms and conditions on which the Offer is made, including the procedure for application and payment for New Ordinary Shares, is available to all persons who register with PrimaryBid.com. The Offer is made on a first come, first served basis and scale back of subscriptions (where necessary) will be made at the discretion of PrimaryBid in consultation with the Company.

The Company may, at its sole discretion, elect to increase the total number of New Ordinary Shares available under the Fundraising.

The New Ordinary Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing Ordinary Shares.

Application will be made to the London Stock Exchange plc for the admission of the New Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will occur and that dealings will commence at 8.00 a.m. on 10 November 2017 - at which time it is also expected that the New Ordinary Shares will be enabled for settlement in CREST.

The Fundraising is not being made into any Restricted Jurisdiction or any other jurisdiction where it would be unlawful to do so.

Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.

It should be noted that a subscription for New Ordinary Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on PrimaryBid.com before making a decision to subscribe for New Ordinary Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the New Ordinary Shares if they are in any doubt.

Use of proceeds

The proceeds shall be used 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.

Expected Timetable of Principal Events

 
 Announcement of the Fundraising             3 November 2017 
 
 Closing of subscriptions            5:00 p.m. on 5 November 
  on PrimaryBid.com                                     2017 
 
 Announcement of result of                   6 November 2017 
  the Fundraising 
 
 Admission and commencement         8:00 a.m. on 10 November 
  of dealings in the New Ordinary                       2017 
  Shares on AIM 
 
 
 
 
 

Definitions

 
 "CREST"                      the relevant system (as 
                               defined in the CREST Regulations) 
                               in respect of which Euroclear 
                               is the operator (as defined 
                               in the CREST Regulations) 
---------------------------  ----------------------------------- 
 "Euroclear"                  Euroclear UK & Ireland 
                               Limited 
---------------------------  ----------------------------------- 
 "Prospectus Rules"           the Prospectus Rules made 
                               in accordance with the 
                               EU Prospectus Directive 
                               2003/71/EC in relation 
                               to offers of securities 
                               to the public and the 
                               admission of securities 
                               to trading on a regulated 
                               market 
---------------------------  ----------------------------------- 
 "Restricted Jurisdictions"   United States of America, 
                               Canada, Australia, Japan 
                               and the Republic of South 
                               Africa and any other jurisdiction 
                               where the extension or 
                               availability of the Offer 
                               would breach any applicable 
                               law 
---------------------------  ----------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 03, 2017 12:43 ET (16:43 GMT)