Versarien plc (LON:VRS), the advanced materials engineering group, has announced it has raised £318,000 (before expenses) by way of a placing of 10,600,000 new ordinary shares in the capital of the Company at a price of 3 pence per share.
· 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 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 Versarien under the FCA’s Disclosure and Transparency Rules.