Versarien PLC GBP1.93m strategic investment by Graphene Lab (9534U)
09 Abril 2021 - 01:00AM
UK Regulatory
TIDMVRS
RNS Number : 9534U
Versarien PLC
09 April 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU AS IT FORMS PART OF LAW IN
THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018.
9 April 2021
Versarien plc
("Versarien" or the "Company")
GBP1.93 million strategic investment in Versarien by Graphene
Lab
Versarien plc (AIM: VRS), the advanced materials engineering
group, is pleased to announce that it has entered into a
wide-ranging series of agreements (together the "Agreement") with
Graphene Lab Co Ltd ("Graphene Lab"), a South Korean based company
specialising in chemical vapor deposition ("CVD") graphene,
including sensors, OLEDs, and flexible transparent touch panels,
with the intention of advancing both Versarien's and Graphene Lab's
proposed activities in South Korea. This follows the Company's
acquisition of certain graphene production related assets and
intellectual property from South Korea based Hanwha Aerospace Co.
Ltd (the "Acquisition"), as announced on 22 December 2020.
In addition, Graphene Lab has made a strategic investment of
GBP1.93 million in the Company through a subscription for 4,280,000
new Ordinary Shares (the "Subscription Shares") at an issue of
price of 45 pence per Ordinary Share (the "Issue Price"). The
Subscription Shares, which represent 2.2% of the enlarged share
capital of the Company, will be subject to a 12-month lock-in.
Further information on the Agreement
Graphene Lab has entered into the Agreement with the Company's
wholly owned subsidiary in South Korea, Versarien Korea Ltd
("Versarien Korea"). The Agreement covers a number of matters
pertaining to Versarien and Graphene Lab's proposed activities in
South Korea. The main elements of the Agreement are summarised
below:
-- The Agreement provides a licence to Graphene Lab to utilise,
exclusively in South Korea, 14 of the patents acquired through the
Acquisition for a 5% royalty on sales payable to Versarien;
-- Under the Agreement, Graphene Lab has the right to use
certain Versarien trademarks on payment of a 2% royalty on sales to
Versarien;
-- Graphene Lab will acquire 15% of the shares in Versarien
Korea at their nominal value and the board of Versarien Korea will,
in due course, comprise five directors, of which four will be
nominated by Versarien and one by Graphene Lab;
-- Graphene Lab has leased new premises in South Korea and
Versarien Korea is taking a sub-lease over part of that facility,
to locate the equipment acquired as part of the Acquisition.
Additionally, Versarien Korea and Graphene Lab have agreed to share
equipment at an agreed daily rate; and
-- Graphene Lab will provide certain operator and maintenance
support to Versarien Korea at an agreed cost.
Admission and Total Voting Rights
The Subscription Shares will rank pari passu with the existing
Ordinary Shares and application has been made for their admission
to trading on AIM ("Admission"). It is expected that Admission will
become effective on or around 13 April 2021.
Following the issue of the Subscription Shares, the Company will
have 194,149,790, ordinary shares of 1 pence each in issue. The
figure of 194,149,790 may be used by the Company's shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Neill Ricketts, CEO of Versarien, commented: "We are delighted
to have secured this agreement with Graphene Lab, which will enable
us to advance our plans in South Korea, following the Acquisition
in December. I am also pleased that our partnership with Graphene
Lab has been further reinforced by the stake they have taken in
Versarien. We are excited by the opportunities for Versarien in
South Korea, including for new product developments, and we look
forward to providing updates in due course."
Enquiries:
Versarien
Neill Ricketts, CEO
Chris Leigh, CFO +44 (0)1242 269 122
SP Angel Corporate Finance (Nominated
Adviser and Joint Broker)
Matthew Johnson, Ewan Leggat, Adam
Cowl +44 (0)20 3470 0470
Berenberg (Joint Broker)
Mark Whitmore, Ciaran Walsh +44 (0)20 3207 7800
Yellow Jersey (Investor Relations)
Charles Goodwin
Henry Wilkinson
Versarien@yellowjerseypr.com +44 (0)774 778 8221
Notes to Editors:
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.
For further information please see: http://www.versarien.com
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