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 CementeneTM 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
CementeneTM 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
CementeneTM, 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
|
+44 (0)20 3470 0470
|
|
|
|
|
IFC
Advisory Limited (Financial PR and Investor
Relations)
Tim Metcalfe, Zach Cohen
|
+44 (0) 20 3934 6630
|
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