Versarien purchases graphene specialist, placing oversubscribed

14th Apr 2014 11:18

Advanced engineering materials group Versarien has agreed on the terms for the purchase of 2-DTech from The University of Manchester for a total consideration of £440,000 in cash and ordinary shares. 2-DTech specialises in the supply, characterisation and early stage development of graphene products. In parallel, the AIM-listed company has announced that it raised £5,5m (before expenses) through the placing - which was oversubscribed - of 21,153,847 new ordinary shares at 26p each. The acquired firm has the ability to produce graphene by using either a chemical vapour deposition process; in suspension or dispersions; or a 'milling' process, which is in development - significantly enhancing the acquirer's product range. Neill Ricketts, CEO of Versarien plc, said: "The acquisition of 2-DTech coupled with the planned collaboration agreements with The University of Manchester, the established home of graphene, marks a significant opportunity for Versarien to progress its product range with highly complementary technologies. "Versarien is already manufacturing over 37 tonnes per year of complex powder at its Total Carbide plant and combining this know-how with 2-DTech's expertise, research facilities, and rights to intellectual property makes the early commercialisation of graphene related products far more likely in the near term on an industrial scale." As of 15:54 shares of Versarien were 4.46% higher at 29.25p. AB