Versarien has announced it has raised £550,000 before expenses (over USD$700,000) by way of a placing new ordinary shares.
The net proceeds will be used for the purchase of concrete and mortar testing equipment to support the ongoing CementeneTM admixture developments for BS934 accreditation, and for use in testing new mortars and products developed using the Company's 3D construction printing capability, in addition to general corporate and working capital purposes.
The net proceeds of the Placing will be used for the purchase of Versarien's own mortar and concrete testing systems for monitoring mechanical and durability properties, alongside providing additional funding for general corporate and working capital purposes.
The securing of an in-house concrete and mortar testing capability is viewed by the Directors as essential for supporting the Company's ongoing CementeneTM admixture developments, and helping the Company towards securing BS934 accreditation. The Directors believe that bringing this testing capability in-house will provide the Company with greater flexibility and cost-savings.
Alongside the development of CementeneTM, the Company continues to pursue a variety of commercial opportunities in its target markets of construction and leisure, and in other areas.
As previously announced, the disposal of the two mature businesses remains an ongoing process. Talks are at an advanced stage with one party regarding the sale of the AAC Cyroma plastics business, although there can be no certainty that this will lead to a successful sale.
