Advanced materials company Versarien announced that it had entered into a £6 mllion subscription agreement with US-based Lanstead Capital Investors.
Versarien will sell 15 million new shares to Lanstead at 40p each, which is about 9.75% of Versarien's existing share capital. This share price is around 54% premium to Versarien's mid-market price on 20 March.
The sharing agreement entitled the company to receive back those proceeds on a pro rata monthly basis over a period of 24 months, subject to adjustment upwards or downwards each month depending on its share price at the time - which means that Versarien can benefit from positive future share price performance. The new funds, added to Versarien's current cash sum of around £2.2 million would be used primarily to advance its graphene commercialization strategy.
Versarien's 2D-Tech recently announced a co-development agreement with Oxford Advanced Surfaces. Versarien also announced that it has been selected to participate in the Grpahene Flagship's Airbus-Backed Project for graphene-based thermoelectric ice protection systems.