Struggling manufacturer raises £550,000 through share raise
Advanced engineering firm Versarien has raised £550,000 on the stock market through a placing of new shares.
The net proceeds of the placing will be used for the purchase of concrete and mortar testing equipment to support the ongoing Cementene admixture developments for accreditation, and for use in testing new mortars and products developed using the Company’s 3D construction printing capability, in addition to general corporate and working capital purposes.
Versarien has been fighting for survival and has been looking at various ways of stabilising its business over the last two years.
The net proceeds of the placing will be used for the purchase of the Gloucestershire firm’s own mortar and concrete testing systems for monitoring mechanical and durability properties, alongside providing additional funding for general corporate and working capital purposes.
The securing of an in-house concrete and mortar testing capability is viewed by the directors as essential for supporting the company’s ongoing Cementene admixture developments, and helping the company towards securing BS934 accreditation.
The directors believe that bringing this testing capability in-house will provide the company with greater flexibility and cost-savings.
Alongside the development of Cementene the company continues to pursue a variety of commercial opportunities in its target markets of construction and leisure, and in other areas.
As previously announced, the disposal of the two mature businesses remains an ongoing process.
Talks are at an advanced stage with one party regarding the sale of the AAC Cyroma plastics business, although there is no certainty that this will lead to a successful sale.
