Advanced materials specialist Versarien PLC (AIM:VRS, OTC:VRSRF) said it had raised £615,000 before expenses in a share placing with the proceeds earmarked to fund its turnaround strategy.
The newly minted stock was sold at 0.125p, a 28% discount to Tuesday's closing price.
The inflow of investment comes in the wake of two recent positive announcements from Versarien: The planned sale of its South Korean business and the five-year licensing deal with Brazil-headquartered multinational, Montana.
The latter will see Montana granted use of Versarien’s Graphinks branded goods, such as dispersions and formulas, for its own products.
"We are very pleased to have raised these funds which will facilitate further progress following the positive developments regarding the sale of the South Korean assets and licencing deal with Montana," said Versarian CEO Stephen Hodge.
"[This] will assist in laying the foundations for us to implement a longer-term strategy for the business."