1 July 2020
Versarien plc
("Versarien", the "Company" or the "Group")
Versarien plc (AIM: VRS), the advanced materials engineering group, is pleased to announce that the Company has been awarded a legally binding
Innovate
The
The award of the loan, which occurred on 1 July 2020, follows a rigorous process of innovation assessment and is intended to facilitate the production of sufficient quantities of graphene by Versarien to enable market supply of commercial quantities of graphene-enhanced materials.
Loan repayments will commence 45 months after drawdown and be paid over a subsequent period of 36 months. The Loan attracts at an interest rate of 7.4% per annum with half of the interest deferred until the repayment period commences. The loan includes normal commercial financial covenants, together with certain operational covenants designed for
The loan will be available for drawdown following perfection of normal commercial security arrangements in eight quarterly tranches, the first of which drawdowns is expected within the next month. Further, details concerning the Loan will be provided upon the completion of security documentation, which will be announced in due course.
Neill Ricketts, CEO of Versarien, commented: "Versarien is delighted to have been awarded this loan by Innovate
Enquiries:
Versarien Neill Ricketts, CEO Chris Leigh, CFO |
+44 (0)1242 269 122 |
SP Angel Corporate Finance (Nominated Adviser and Joint Broker) Ewan Leggat, Soltan Tagiev
|
+44 (0)20 3470 0470 |
Berenberg (Joint Broker) Mark Whitmore, Simon Cardron |
+44 (0)20 3207 7800 |
Yellow Jersey (Investor Relations) Charles Goodwin Georgia Colkin Henry Wilkinson
|
+44 (0)20 3004 9512 |
About Versarien
Versarien plc (AIM: VRS), is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries. Versarien has seven active subsidiaries operating under two divisions:
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products. 2-DTech is based at the Graphene Innovation Engineering Centre, a
AAC Cyroma Limited, which specialises in the supply of vacuum-formed and injection-moulded products to the automotive, construction, utilities and retail industry sectors. Using Versarien's existing graphene manufacturing capabilities, AAC has the ability to produce graphene-enhanced plastic products. www.aaccyroma.co.uk
Cambridge Graphene Limited, supplies novel inks based on graphene and related materials, using patented processes to develop graphene materials technology. www.cambridgegraphene.com
Gnanomat S.L. ("GNA"), based in the Parque Cientifico
Versarien Graphene Inc - based in
Hard Wear and Metallic Products
Versarien Technologies Limited has developed an additive process for creating advanced micro-porous metals targeting the thermal management industry and supplies extruded aluminium. www.versarien-technologies.co.uk
Total Carbide Limited, a leading manufacturer in sintered tungsten carbide for applications in arduous environments such as the oil and gas industry. www.totalcarbide.com
About Innovate
Innovate
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