Versarien PLC Update on Sale of Korean Assets

RNS Number : 6234R

Versarien PLC

30 December 2024

Versarien plc

("Versarien" or the "Company")

Update on Sale of Korean Assets

Further to the Company's announcement on 31 August 2024, Versarien (AIM: VRS), the advanced materials engineering group, provides an update on the sale of its Korean plant and equipment to MCK Tech Co. Ltd ("MCK Tech") for a total consideration of £604,000. Versarien has now received a further £150,000 from MCK Tech leaving a balance outstanding of £92,000 plus accrued interest.

Having considered the business opportunities available to MCK Tech, Versarien has agreed a further extension to on or before 28 February 2025 for MCK Tech to make the final payment of £92,000 plus accrued interest. This debt will incur interest at an annual rate of 10.0% and in the event of default the sale agreement provides for payments already made to Versarien to be retained by the Company, with title to the assets remaining with Versarien.

For further information please contact:

Versarien Stephen Hodge, Chief Executive Officer Chris Leigh, Chief Financial Officer	c/o IFC

SP Angel Corporate Finance (Nominated Adviser and Broker) Matthew Johnson, Adam Cowl	+44 (0)20 3470 0470

IFC Advisory Limited (Financial PR and Investor Relations) Tim Metcalfe, Zach Cohen	+44 (0) 20 3934 6630

About Versarien:

The strategy of Versarien plc (AIM:VRS) is to be a development led advanced materials company focussed on specific sectors that will lead to a manufacturing-light and licensing model.

For further information please see: http://www.versarien.com

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