Versarien has announced it has raised £450,000 (almost USD$585,000) by way of a placing new ordinary shares in the capital of the Company.
The net proceeds of the Placing will be used to further increase the Company's in-house concrete and mortar testing capabilities and fund external UKAS accredited testing services for 3D construction printed products, as well as for general corporate and working capital purposes.
As announced in August 2024, Versarien has signed its first significant 3D construction printing ("3DCP") contract with Building For Humanity CIC, for their flagship Charter Street project, in Accrington, UK. On-site 3DCP activities will likely start in 2025. In addition, the Company announced in October 2024 that it had entered into a 12 month commercially funded project with Balfour Beatty, one of the UK's largest construction companies, to develop graphene enhanced 3DCP materials and products. These projects, and others, demonstrate the focus the Company is putting on the construction sector.
As previously announced, as of October 2024, the Company had a pipeline of opportunities of £4.7m, of which commercial opportunities represents £1.6m and grants £3.1m. The net proceeds of the Placing will also help the Company to pursue these opportunities.