Update re. Innovate UK Loan Agreement

RNS Number : 2511W

Versarien PLC

17 August 2020

 

17 August 2020

Versarien plc

("Versarien", the "Company" or the "Group")

Update re. Innovate UK Loan Agreement

Versarien plc (AIM: VRS), the advanced materials engineering group, is pleased to provide an update in relation to the £5 million loan facility ("the Loan"), which was awarded by Innovate UK Loans Limited, a wholly owned subsidiary of UK Research and Innovation, on 1 July 2020, to support Versarien's G SCALE project.

As announced on 1 July 2020, the Loan was to become available for drawdown in eight quarterly tranches, following the completion of normal commercial security arrangements. The Company can confirm that the relevant security documentation was successfully completed and it has now received £1.96 million, being the first instalment of the Loan. As agreed, the Company can drawdown the remaining instalments every three months over the next 21-month period.  

Neill Ricketts, CEO of Versarien, commented: "We are delighted to have now completed the initial process with Innovate UK Loans. With the quarterly instalments underway we can now move forward with our plans to scale up our G SCALE related collaborations and look forward to providing updates on the project's progress in due course."

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.

Enquiries:

Versarien Neill Ricketts, CEO Chris Leigh, CFO	[phone]
SP Angel Corporate Finance (Nominated Adviser and Joint Broker) Ewan Leggat, Soltan Tagiev	[phone]
Berenberg (Joint Broker) Mark Whitmore, Simon Cardron	[phone]
Yellow Jersey (Investor Relations)  Charles Goodwin Georgia Colkin Henry Wilkinson [e-mail]	[phone]

About Versarien

Versarien plc (AIM: VRS), is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries.  Versarien has seven active subsidiaries operating under two divisions:

Graphene and Plastics

2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products.  2-DTech is based at the Graphene Innovation Engineering Centre, a £60 million facility set up to work in collaboration with industry partners to create, test and optimise new concepts for the delivery of graphene to the market.  www.2-dtech.com

AAC Cyroma Limited, which specialises in the supply of vacuum-formed and injection-moulded products to the automotive, construction, utilities and retail industry sectors.  Using Versarien's existing graphene manufacturing capabilities, AAC has the ability to produce graphene-enhanced plastic products.  www.aaccyroma.co.uk

Cambridge Graphene Limited, supplies novel inks based on graphene and related materials, using patented processes to develop graphene materials technology.  www.cambridgegraphene.com

Gnanomat S.L. ("GNA"), based in the Parque Cientifico Madrid, Spain, is a company capable of utilising Versarien's graphene products in an environmentally friendly, scalable production process for energy storage devices that offer high power density, fast recharging and very long lifetimes for use in electrical vehicles and portable electronics products.  www.gnanomat.com  

Versarien Graphene Inc - based in Texas, is the sales business for the UK's graphene products.

Hard Wear and Metallic Products

Versarien Technologies Limited has developed an additive process for creating advanced micro-porous metals targeting the thermal management industry and supplies extruded aluminium.  www.versarien-technologies.co.uk  

Total Carbide Limited, a leading manufacturer in sintered tungsten carbide for applications in arduous environments such as the oil and gas industry.  www.totalcarbide.com  

 

END

 

 

UPDUNARRRRUWAAR