# Versarien raise £318,000 to progress opportunities

- Link: https://www.directorstalkinterviews.com/versarien-raise-318000-to-progress-opportunities/4121110340
- Published: 2023-03-15T07:06:33+00:00
- Author: Olivia Thompson

**Versarien plc** (LON:VRS), the advanced materials engineering group, has today
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.

**Highlights**

·    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 the Company under the FCA’s Disclosure and Transparency Rules.

The strategy of Versarien plc (LON: VRS) is to be a globally recognised graphene
company with a wide portfolio of high-quality verified materials allied to the largest
relevant IP portfolio supported by its own UK based research and development centre
driving recurring revenue growth through its innovative graphene product applications.

Share on: