Versarien PLC, the advanced materials group, has raised £650,000 through a placing at 1p per share.
Proceeds will provide working capital and bridge finance, it said, to extend the company's cash runway ahead of planned sales of its mature businesses and intellectual property and plant acquired from Hanwha Aerospace in 2020.
A number of interested parties are reviewing information in the data rooms, Versarien added, though there is no certainty over any sale or timing.
Chris Leigh, Versarien’s chief financial officer, added: "Following the passing of the resolutions at the general meeting held earlier this month, the board has decided that it would be prudent to raise further finance to assist in bridging to the proposed asset sales."
Both Leigh and Stephen Hodge, chief technology officer, bought shares in the placing.