Versarien PLC on Wednesday said it has raised £550,000 to support the development of its Cementene admixture.
The Gloucestershire-based engineering materials group, which operates nine subsidiaries, said it placed 846.2 million new shares at a price of 0.065 pence each - around a 31% discount to Tuesday’s closing price of 0.094p.
Shares Versarien fell 27% to 0.069p each in London on Wednesday afternoon.
‘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 firm explained.
‘The securing of an in-house concrete and mortar testing capability is viewed by the directors as essential for supporting the company’s ongoing Cementene 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,’ the company continued.
Last Thursday, Versarien said it had received notice that a preliminary hearing by the UK Employment Tribunal has been postponed due to a lack of judicial resources.
The case management hearing had initially been scheduled for July 17, after former Chief Executive Neill Ricketts filed to take the firm to court in February.
At the time, Versarien said it had received ‘various unquantified claims’ under the Employment Rights Act 1996, and intended to ‘vigorously’ defend against them.
On Thursday, the firm re-emphasised that it has decided liability provision won’t be necessary for this claim, following legal advice on expected outcomes.
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