Versarien has announced a placing to raise £531,624 (before expenses) through a placing on the AIM market. This follows recent difficulties and statements by the Company, that it will require further funding to support its activities as it continues to face a number of challenges.
The net proceeds of the placing will be used for general operational and working capital purposes and for commercialization activities primarily in the construction and leisure sectors, in line with the Company's new strategic roadmap which is being finalized.
In light of the aforementioned difficulties, the Company has been developing both its strategic and management plans - primarily focused on a strategy that seeks to preserve appropriate intellectual property within the Company, whilst significantly reducing operational costs to facilitate a cash runway that will allow Versarien to deliver commercially in its targeted markets. The new strategic roadmap and financial plan will be announced in the coming weeks.
In addition, the Company continues to progress and assess asset disposal options, including disposing of the mature businesses, that are no longer core activities for Versarien.
Chris Leigh, Chief Financial Officer of Versarien, commented: "As previously announced, the Company requires further funding to support its activities and the Board welcomes the investor interest in this Placing. We continue to focus on completing our strategic reorganisation and commercial roadmap and look forward to sharing this with shareholders in due course."