Versarien has raised £650,000 (over USD$850,000) in a placing for working capital purposes.
The proceeds will be used for working capital purposes and as bridge finance to extend the Company's cash runway ahead of any funds received from asset sales.
Versarien had already announced that it was pursuing a disposal of assets, including its mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in 2020. It said a number of interested parties are reviewing information in the data rooms.
"The timing of any asset sales and the quantum of the funds that may be received is uncertain," Versarien added.
Chief financial officer Chris Leigh said: "Following the passing of the resolutions at the general meeting held earlier this month, the board has decided that it would be prudent to raise further finance to assist in bridging to the proposed asset sales. We look forward to updating shareholders on continuing progress with the turnaround strategy in the coming months."