Versarien PLC (AIM:VRS, OTC:VRSRF) said it has raised £400,000 through a placing at 0.08p to bolster its working capital position and take advantage of business leads it is receiving.
Stephen Hodge, chief executive, commented: "In the short time since a company update on 20 December, the commercial, licencing and grant opportunities have continued to grow.
“This further funding will help us to progress the conversion of these leads while the asset sale discussions continue. We look forward to updating the market in due course."
Recent developments include a sales agreement with Go To Gym for the distribution of Graphene-Wear products across the Americas, and a collaboration with IRPC, a Thai petroleum and petrochemical giant, for the co-development of advanced materials.
Concurrently, the company is engaged in discussions regarding the sale of its mature business divisions and assets acquired from Hanwha Aerospace in 2020.
The newly issued shares are scheduled to be admitted to AIM on 24 January.
Post-admission, the total number of ordinary shares in the company will stand at approximately 996 million.