Versarien PLC Placing to raise £550,000

RNS Number : 5508X

Versarien PLC

24 July 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.

 

24 July 2024

 

Versarien plc

 

("Versarien" or the "Company")

 

Placing to raise £550,000

 

Versarien plc (AIM: VRS), the advanced materials engineering group, announces it has raised £550,000 (before expenses) by way of a placing (the "Placing") of 846,153,845 new ordinary shares in the capital of the Company ("Placing Shares") at a price of 0.065 pence per share (the "Placing Price").

 

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 Cementene^TM 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 Cementene^TM 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 Cementene^TM, the Company 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 ("Admission") 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.

 

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 manufacturing-light 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

 

 

IOEPPUBUMUPCPUW