(Alliance News) - Versarien PLC on Wednesday said it has raised GBP615,000 through a placing, to help fund its turnaround strategy.
The Cheltenham, England-based engineering technology company said it has raised GBP615,000 through a placing of 492.0 million shares priced at 0.125 pence each.
Shares in Versarien were down 24% to 0.14p each in London on Wednesday morning.
The company said the proceeds will be used for corporate and working capital purposes as it continues to progress its turnaround strategy following the recent sale of its South Korean assets and licencing agreement with Montana Quimica LTDA.
Chief Executive Stephen Hodge said: "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, and will assist in laying the foundations for us to implement a longer-term strategy for the business. We look forward to providing further updates in due course."
By Sophie Rose, Alliance News senior reporter
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Versarien (VRS)