Graphene manufacturer Versarien has raised £318,000 through a stock market share placing following the resignation of its chief executive.
The Gloucestershire-based firm, which makes products from the nanomaterial for a range of industries, said the proceeds would be used to continue its commercialisation work, primarily in the construction and textile sectors, as well as for general operational and working capital purposes. Chief financial officer Chris Leigh said: "Having streamlined the business and with a renewed focus, we continue to believe the company has significant potential. We look forward to reporting on our progress in due course."
It comes after the Aim-listed company announced the departure of co-founder Neill Ricketts, weeks after he said the business would need “continuing support” from investors, through tough economic conditions. In its latest set of financial results, Versarien posted a marginally widened loss of £8.4m. Mr Ricketts said during the presentation current macroeconomic conditions and the “disruptive nature” of the company’s products had “delayed the commercialisation we were anticipating”.
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In a fresh statement, Versarien’s board confirmed Mr Ricketts had been placed on gardening leave and was no longer involved in the day-to-day running of the company. It added that Mr Ricketts remained a significant shareholder and director, and was entitled to attend and vote at board meetings for the duration of his 12-month notice period.
The company said: “The board of Versarien intends to collectively look to appoint a successor. The board would very much like to thank Neill for his contribution and dedication to the company since its formation and looks forward to his ongoing support.”
The business, which employs between 100 and 120 people across its global operations, including 10 at its recently expanded factory in the Forest of Dean, recently announced the launch of clothing using its technology for Umbro, kit suppliers of the England rugby team Umbro.
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