(Alliance News) - Versarien PLC on Friday said it has raised GBP400,000 through a placing, as the company looks to capitalise on pipeline opportunities.
Back in December, the Cheltenham, England-based engineering materials company announced plans to raise around GBP450,000.
Versarien said it has been trying to sell some of its assets to raise cash, but said that these disposals have not progressed as expected, particularly regarding interest in mature businesses.
Based on this, the company said it will use the proceeds "corporate and working capital purposes as the company seeks to capitalise on the growing number of opportunities in its pipeline."
On Friday, it said it has raised GBP400,000 through a placing of 500.0 million shares priced a 0.08 pence each.
Versarien shares were down 42% to 0.087p each on Friday morning in London.
Chief Executive Stephen Hodge said: "In the short time since the company update announced 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."
By Sophie Rose, Alliance News senior reporter
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Versarien (VRS)