27 February 2025
Versarien
plc
("Versarien" or the "Company")
Innovate UK Loan Deed of
Variation
On 1 July 2020, Versarien plc (AIM:
VRS), the advanced materials engineering group, announced that the
UK Government, via Innovate UK ("IUK"), had agreed a £5 million
loan to the Company (the "Loan"), for a project named G-SCALE, an
acronym for Graphene, Seat, Concrete, Arch, Leisure,
Elastomer.
Following completion of the Loan
drawdown period and the G-Scale Project development stage, IUK, as
announced by Versarien on 5 December 2022, entered into a deed of
variation to the Loan to defer commencement of the capital
repayments by one year to August 2025. IUK has now agreed,
having reviewed the Company's progress and the potential benefits
of Versarien's graphene technology, to an additional one year
deferment of the Loan's capital repayments, and the Loan will now
be due for repayment in ten equal quarterly amounts, commencing in
August 2026.
Interest will continue to be charged
on the Loan at a rate of 7.4% per annum. 50% of the interest
payments on the Loan had been deferred until February 2025, this
deferred interest will now be paid in ten equal instalments when
the capital repayments commence in August 2026.
Commenting, Dr Stephen Hodge, Versarien CEO,
stated: "Following the Company's
receipt of a £5 million innovation loan in 2020, we welcome the
deferral of capital repayments, which will assist the continued
progress of our turnaround strategy. We are encouraged by the
positive progress in commercialising our advanced materials and
technologies, and we remain optimistic about Company's pipeline of
opportunities. This extension provides us with the necessary
flexibility to focus on achieving key milestones, positioning
Versarien for long-term sustainable growth and success."
For
further information please contact:
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Versarien
Stephen Hodge, Chief Executive
Officer
Chris Leigh, Chief Financial
Officer
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c/o IFC
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SP
Angel Corporate Finance (Nominated Adviser and
Broker)
Matthew Johnson, Adam
Cowl
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+44 (0)20 3470 0470
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IFC
Advisory Limited (Financial PR and Investor
Relations)
Tim Metcalfe, Zach Cohen
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+44 (0) 20 3934 6630
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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
