Placing to raise £318,000

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 £318,000

Versarien plc (AIM: VRS), the advanced materials engineering group, announces it has raised £318,000 (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 £318,000, 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 Chris Leigh, Chief Financial Officer Stephen Hodge, Chief Technology 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 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

 

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