Versarien raises over £450,000 through share placing

Forest of Dean-based advanced materials engineering group Versarien has successfully raised more than £450,000 via a share placing.

The £454,822 investment will be used for general corporate and working capital purposes and to support operations before it brings in potential income from asset sales.

Versarien on track with turnaround plans, firm tells investors

In an update to investors yesterday (Wednesday) the company said the move was part of its turnaround strategy, which it undertook after posting losses of £3.4 million in its half-year results.

CEO Stephen Hodge said: "As we have previously announced, the Company requires further funding to continue its turnaround strategy and we welcome the investor interest in this Placing.

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"We continue to focus on this strategy, pursuing an encouraging pipeline of commercial and R&D projects, as well as technology licensing opportunities.

"We look forward to updating shareholders on continuing progress in the coming months."