Advanced materials company Versarien has conducted a further placing and provided additional updates on their turnaround strategy.
Neither were taken particularly well by the market, and Versarien shares were down around 40% at the time of writing.
Varsarien raised £531,624 by way of a placing of 42,529,900 new ordinary shares at 1.25p. Versarien closed at 2.06p.
“As previously announced, the Company requires further funding to support its activities and the Board welcomes the investor interest in this Placing. We continue to focus on completing our strategic reorganisation and commercial roadmap and look forward to sharing this with shareholders in due course,” said Chris Leigh, Chief Financial Officer of Versarien.
Versarien had raised £318,000 only in March, suggesting the company is facing ongoing funding pressures.
The company said a turnaround strategy was underway which aims to preserve the company’s intellectual property and lower running costs to help preserve cash.
However, the strategic update provided little in the way of clear actions the company was taking. Versarien said they would share the ‘new strategic roadmap and financial plan’ with investors in the coming weeks.