Forest of Dean based advanced materials engineering group Versarien has raised £615,000 to boost working capital as the company continues its turnaround strategy following the recent sale of its South Korean assets and licencing agreement with Montana Química LTDA.
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, said: "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."
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