Versarien PLC Update re. Innovate UK Loan Agreement (2511W)
August 17 2020 - 2:00AM
UK Regulatory
TIDMVRS
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 GBP5
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 GBP1.96 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 +44 (0)1242 269
Chris Leigh, CFO 122
SP Angel Corporate Finance (Nominated Adviser
and Joint Broker)
Ewan Leggat, Soltan Tagiev +44 (0)20 3470 0470
Berenberg (Joint Broker)
Mark Whitmore, Simon Cardron +44 (0)20 3207 7800
Yellow Jersey (Investor Relations)
Charles Goodwin
Georgia Colkin
Henry Wilkinson
Versarien@yellowjerseypr.com +44 (0)774 778 8221
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 GBP60 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
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END
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