Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Versarien raises £0.4m to progress growing pipeline

(Sharecast News) - Advanced materials engineer Versarien has raised £0.4m, it announced on Friday, to help it with its growing pipeline of opportunities. The AIM-traded firm said the funds were raised through a placing of 500 million new shares at a price of 0.08p each.

It said the net proceeds would be used for corporate and working capital purposes, as it aimed to seize opportunities within its expanding pipeline and advance its asset sales efforts.

The placing shares were issued within the existing authorities granted by shareholders during the general meeting held on 10 January.

Versarien said its use of the funds would primarily focus on capitalising on the increasing number of opportunities within its project pipeline.

Notable recent developments included a sales agreement with Go To Gym to introduce Graphene-Wear products in Colombia, Brazil, and the US, as well as a collaborative venture between Versarien's subsidiary Gnanomat and IRPC, a Thai petroleum and petrochemical company, to co-develop advanced materials.

Additionally, the company said it was actively marketing mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in 2020 for potential sale.

Versarien said discussions with several interested parties were ongoing, although the timing and final proceeds from the asset sales remained uncertain.

"In the short time since the company update announced on 20 December, the commercial, licensing and grant opportunities have continued to grow," said chief executive officer Stephen Hodge.

"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."

At 1221 GMT, shares in Versarien were down 42.33% at 0.09p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

Frontier IP appoints new finance chief
(Sharecast News) - Intellectual property commercialisation specialist Frontier IP announced the appointment of Jo Stent as its new chief financial officer on Friday, effective from 22 April.
Directa Plus asphalt technology laid at Imola Circuit
(Sharecast News) - Graphene nanoplatelet specialist Directa Plus announced on Friday that 'GiPave', an asphalt solution incorporating graphene and recycled plastics, was being installed at the Imola Circuit ahead of the Emilia-Romagna Grand Prix in May.
Huddled Group buys Food Circle for £0.3m
(Sharecast News) - E-commerce investor Huddled Group announced the acquisition of online retailer Food Circle Supermarket on Friday, for total consideration of up to £0.3m.
Bens Creek shares fall as it moves mine into care and maintenance
(Sharecast News) - Shares in North American metallurgical coal miner Bens Creek were sliding on Friday afternoon, after the company issued an update on its operations and working capital position, confirming that its West Virginia mine was moving into care and maintenance.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.