News blog

Versarien

• BY: Andrew Hore |
• POSTED: 14/04/2014 |

Advanced engineering materials developer Versarien has acquired a graphene business and raised £5.5m. 

The £5.5m has been raised at 26p a share. At 28.75p a share, Versarien is valued at £23.9m, prior to the latest share issue.

2-D Tech is a spin-out from the University of Manchester and Versarien is paying £440,000, split equally in cash and shares, for an 85% stake. The University of Manchester will retain 15% of 2-D Tech and keep its Versarien shares for at least 12 months. Versarien will also pay royalties of up to £300,000 at a rate of 5% of 2-D Tech’s gross annual revenues.

2-D Tech can produce graphene either from a chemical vapour deposition process or a milling process. Vewrsarien plans to establish the largest graphene manufacturing facility in the UK. Versarien will initially pursue two commercialisation projects.

Versarien will fund two other graphene-related research projects at the university – up to £150,000 per project.

The core Versarien business is moving into new premises.

Versarien is expected to lose more than £700,000 in the year to March 2014 even though Total Carbide is profitable. 2-D Tech should make a contribution to revenues in the year to March 2015.

Versarien recently changes its nominated adviser and broker from Westhouse to Charles Stanley.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2014_55.pdf