Graphene manufacturer Versarien has announced a placing to raise £531,624 (before expenses) and an update on the company's turnaround strategy.
Founded in an engineer's garage, the Gloucestershire-based advanced engineering materials firm previously warned it would need “continuing support” from investors after challenging economic conditions “delayed the commercialisation we were anticipating” for its products.
The firm has raised £531,624 through a placing on the AIM market. The net proceeds of the placing will be used for general operational and working capital purposes and for commercialisation activities primarily in the construction and leisure sectors, in line with the company's new strategic roadmap which is being finalised.
