Versarien plc (LON:VRS), the advanced materials engineering group, has announced it has raised £615,000 (before expenses) by way of a placing of 492,000,000 new ordinary shares in the capital of the Company at a price of 0.125 pence per share.
Highlights
● Versarien has raised £615,000, before expenses, through the placing of 492,000,000 new ordinary shares at a price of 0.125 pence per share
● The net proceeds of the Placing will be used for corporate and working capital purposes as the Company continues to progress its turnaround strategy following the recent sale of its South Korean assets and licencing agreement with Montana Química LTDA (“Montana”)
● The issue of the Placing Shares utilises the remaining authorities granted by shareholders at the general meeting of the Company held on 10 January 2024 and therefore no shareholder approval is required for the Placing