25th Jul 2016 07:42
LONDON (Alliance News) - Engineering materials group Versarien PLC on Monday said it has raised GBP1.1 million through the placing of 10.6 million shares at 10 pence each.
Versarien said the proceeds will be used to finance one of its proposed acquisitions, with the balance of the consideration to be met by the company's debt facilities.
It announced in April that it had signed heads of terms to acquire two companies "where graphene inclusion would provide significant product and market benefits". Versarien hasn't named the two companies being targeted.
The 10p issue price represents a discount of 4.8% against the mid-market price of 10.5p on AIM at close of trading on Friday.
Shares in Versarien were trading up 2.0% at 10.71p on Monday morning.
"We are delighted by the strong level of support from existing investors in the placing. The proceeds of the fundraising should allow for the company to capitalise on a number of significant opportunities such as the potential acquisition in addition to accelerating the progress of the business," Chief Executive Neill Ricketts said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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