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Key Points
- Versarien has raised £450,000 through the placing of 1.38 billion new shares at 0.0325 pence per share.
- The funds will enhance in-house testing capabilities for concrete and mortar, support external accredited testing services for 3DCP products, and assist with general corporate expenses.
- The company has secured significant contracts in the 3D construction printing sector, including a major project with Building For Humanity CIC and a collaboration with Balfour Beatty.
Versarien plc (LSE:VRS), a leader in advanced materials engineering, has successfully raised £450,000 (before expenses) through a placing of 1,384,615,385 new ordinary shares at a price of 0.0325 pence per share. The net proceeds from this placing will be allocated towards expanding the Company’s in-house testing capabilities for concrete and mortar, funding external UKAS accredited testing services for 3D construction printed products, and supporting general corporate and working capital needs.
Key Developments and Strategic Focus
- Expansion of Testing Capabilities: The funds raised will primarily enhance Versarien's capabilities in concrete and mortar testing, which are critical for its ongoing projects in the 3D construction printing (3DCP) sector.
- 3D Construction Printing Contracts: Versarien has secured a significant 3DCP contract with Building For Humanity CIC for their flagship Charter Street project in Accrington, UK, with on-site activities anticipated to commence in 2025. This project marks a significant step in Versarien’s growth in the construction industry.
- Collaboration with Balfour Beatty: On 1 October 2024, Versarien announced a commercially funded project with Balfour Beatty, one of the UK's largest construction companies. This 12-month project aims to develop graphene-enhanced 3DCP materials and products, highlighting the company’s innovative approach to construction technology.
- Current Pipeline: As of 4 October 2024, Versarien reported a robust pipeline of opportunities valued at £4.7 million, consisting of £1.6 million in commercial opportunities and £3.1 million in grants. The proceeds from the placing will further enable the company to pursue these potential projects.
Admission and Total Voting Rights
Application has been made for the admission of the placing shares to trading on AIM, expected around 22 October 2024. Upon admission, the total number of ordinary shares in circulation will rise to 3,718,938,737.
