Versarien PLC Successful Fundraising of £1.5 million (5468Y)
March 06 2017 - 2:00AM
UK Regulatory
TIDMVRS
RNS Number : 5468Y
Versarien PLC
06 March 2017
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.
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Versarien plc
("Versarien" or the "Company")
Successful Fundraising of GBP1.5 million
Versarien plc (AIM:VRS), the advanced materials group, announced
on 3 March 2017 the launch of a fundraising comprising a placing by
WH Ireland in conjunction with an offer via PrimaryBid (the
"Offer") (together the "Fundraising") to raise approximately GBP1
million at 15p per new ordinary share.
The Company is delighted to announce that it has successfully
completed the Fundraising. The Fundraising received a very strong
response from private and institutional investors, and the
Fundraising was oversubscribed. The Offer was on a "first come,
first served" basis and was closed early at 7.00 p.m. on 4 March
2017, with the Fundraising having already been approximately 50%
oversubscribed by that time. The Company has therefore decided to
increase the size of the Fundraising in order to meet this demand.
The Company will therefore issue and allot a total of 10,036,699
new ordinary shares ("New Ordinary Shares") to satisfy the
Fundraising. The gross proceeds of the Fundraising are
GBP1,505,504.85.
Henderson Global Investors and Miton, each of whom are
substantial shareholders in the Company, have subscribed for
1,333,333 and 1,333,334 new ordinary shares respectively in the
Fundraising. Their subscriptions constitute a related party
transactions under the AIM Rules as each currently holds more than
10% of the existing ordinary shares and is therefore a "substantial
shareholder" under the AIM Rules. The Directors, all of whom are
independent for the purposes of this transaction, consider, having
consulted with WH Ireland, the Company's nominated adviser, that
the terms of Henderson's and Miton's subscriptions are fair and
reasonable insofar as the Shareholders are concerned.
Application will be made to the London Stock Exchange for the
New Ordinary Shares, which rank pari passu with the Company's
existing Ordinary Shares, to be admitted to trading on AIM.
Dealings are expected to commence at 8.00 a.m. on 10 March
2017.
Neill Ricketts, Chief Executive Officer of Versarien,
commented:
"We are delighted with the support we have received from both
existing and new institutional and private investors for the
Fundraising. In particular we are delighted with the support we
have received from private investors through PrimaryBid and to have
the opportunity to increase the size of the Fundraising to satisfy
some of that demand.
"The funds raised will allow us to significantly scale up both
our graphene manufacturing capabilities and our marketing efforts
to take advantage of the substantial commercial opportunities we
are seeing. Versarien is at the forefront of the commercialisation
of graphene and the Fundraising will allow us to more widely market
our recently launched graphene brand, Nanene, and increase the
resources available to the other graphene projects we are working
on. We look forward to these funds allowing us to accelerate the
use of graphene in a variety of commercial applications."
Total Voting Rights
Following the issue of the New Ordinary Shares, the Company will
have 131,330,702 ordinary shares of 1p each in issue. No ordinary
shares are held in treasury. The figure of 131,330,702 may be used
by the Company's 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 Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
Enquiries:
Versarien plc 01242 269 122
Neil Ricketts, CEO
Chris Leigh, CFO
WH Ireland (Nominated Advisor) 0117 945 3470
Mike Coe / Ed Allsopp
PrimaryBid Limited 0207 491 6519
Dave Mutton
IFC Advisory Ltd, Financial PR and IR 0203 053 8671
Tim Metcalfe
Graham Herring
Heather Armstrong
This information is provided by RNS
The company news service from the London Stock Exchange
END
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