Versarien has announced that it has raised £1.85 million (around USD$2,259,000) in new share capital.
Yesterday, Versarien provided an update on its £5 million graphene project G-SCALE (Graphene, Seat, Concrete, Arch, Leisure, Elastomer). The project aims to produce sufficient quantities of graphene to enable commercialization of graphene-enhanced products in these five priority application areas.
The company has also agreed with Innovate UK a one-year deferral of its capital repayments by one year.
Neill Ricketts, Chief Executive Officer of Versarien, said: “These funds will allow the Company to focus on the significant opportunities it is seeing in the construction and leisure sectors. While we will continue to review projects in other sectors, the Board believes these two areas represent the best opportunities for near term commercial success. In parallel, the Company continues to explore additional funding options, with a focus on non-dilutive options such as grant funding and strategic partnership opportunities.”
Versarien placing
That money looks to be a desperate placing as the company looks to be still low on funds, and at the current rate of cashburn will likely require another one early in 2023, in my opinion.
The alternative is for them to make some substantial sales in the new few weeks, but until now they haven't announced any so it looks unlikely to me.
Graphene is taking longer to commercialise than was originally thought.