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.
20
March 2024
Versarien
plc
("Versarien" or the "Company")
Placing to raise
£615,000
Versarien plc (AIM: VRS), the
advanced materials engineering group, announces it has raised
£615,000 (before expenses) by way of a placing (the "Placing") of
492,000,000 new ordinary shares in the capital of the Company
("Placing Shares") at a price of 0.125 pence per share (the
"Placing Price").
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
Use
of Proceeds and Turnaround Strategy
The net proceeds of the Placing will
be used for corporate and working capital purposes as the Company
continues to implement its turnaround strategy. The recent
announcements regarding the sale of Versarien's South Korean assets
and licencing of IP to MCK Tech Co. Ltd, plus the licencing
agreement with Montana provide the Versarien board with additional
confidence that the strategy is working. The Company continues to
pursue a variety of commercial opportunities in its target markets
of construction and leisure, and in other areas.
As announced on 11 March 2024, the
Company's mature businesses, AAC Cyroma Limited and Total Carbide
Limited, continue to be marketed for sale and the Company is
progressing discussions with interested parties.
Stephen Hodge, Chief Executive Officer of Versarien,
commented:
"We are very pleased to have raised
these funds which will facilitate further progress following the
positive developments regarding the sale of the South Korean assets
and licencing deal with Montana, and will assist in laying the
foundations for us to implement a longer-term strategy for the
business. We look forward to
providing further updates in due course."
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 25 March 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 1,488,169,507. 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 light
manufacturing and licensing model.
For further information please
see: http://www.versarien.com