Troubled manufacturer raises £400,000 through share placing
Troubled Gloucestershire manufacturer Versarien has raised £400,000 through a share offer.
The Forest of Dean firm has endured a torrid 18 months and directors have been working to turn around the business.
Versarien raised £400,000 through the placing of 500,000,000 new ordinary shares in the capital of the company at a price of 0.08 pence per share.
The proceeds of the placing will be used for corporate and working capital purposes as the company seeks to capitalise on the growing number of opportunities in its pipeline whilst continuing to progress its asset sales.
Recent new projects include a sales agreement with Go To Gym to bring Graphene-Wear products to Colombia, Brazil and the USA, and Versarien’s subsidiary, Gnanomat, entering into an agreement to co-develop advanced materials with IRPC, a Thai petroleum and petrochemical company.
As announced on 20 December 2023, the mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in 2020 continue to be marketed for sale and the company is progressing discussions with a number of interested parties, though the timing of any asset sales and the amount of funds that may be received remains uncertain.
Chief executive Stephen Hodge said: “In the short time since the company update announced on 20 December, the commercial, licencing and grant opportunities have continued to grow. This further funding will help us to progress the conversion of these leads while the asset sale discussions continue. We look forward to updating the market in due course.”
