Versarien announces share placing to raise £318k

Forest of Dean-based graphene innovator Versarien has raised £318,000 through the placing of new shares.

The company has announced it has placed 10,600,000 new shares at the price of 3 pence per share.

It comes following the resignation of Versarien’s CEO, Neill Rickets, last week and an announcement from the group last month that economic conditions had delayed the commercialisation of its products.

This may be why, as announced in the company’s most recent statement, the share placing will be used to continue Versarien’s commercialisation work along with general operation and working capital purposes.

Read more - Versarien CEO resigns as economic conditions delay product commercialisation

The firm – which has secured clothing partnerships with fashion label Superdry and the kit suppliers of the England rugby team Umbro – makes products from graphene, a material made from a single layer of carbon atoms, for the automotive, clothing, biomedical and aerospace sectors.

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."

Read more - Versarien warns investors orders have failed to materialise