Versarien has raised £454,822 before expenses (over USD$558,000) through a stock market placing as it continues its turnaround strategy.
Versarien said that net proceeds will be used for corporate and working capital purposes, together with providing bridge finance to extend the Company's cash runway ahead of any funds received from asset sales.
Versarien continues to pursue its stated turnaround strategy:
- to maintain and strengthen the Company's scientific teams;
- use its know-how in construction and textiles to be a manufacturing light operation;
- to licence Versarien's technology, brands and manufacturing understanding; and
- divest non-core activities
As previously announced, the mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in 2020 continue to be marketed for sale and the Company is progressing discussions with a number of interested parties. The sale process for AAC Cyroma Limited, a manufacturer of molded products, is the most advanced. However, the timing of any asset sales and the total quantum of the funds that may be received remains uncertain.