Versarien plc is pleased to provide an update in relation to the £5 million loan facility ("the Loan"), which was awarded by Innovate UK Loans Limited, a wholly owned subsidiary of UK Research and Innovation, on 1 July 2020, to support Versarien's G SCALE project.
As announced on 1 July 2020, the Loan was to become available for drawdown in eight quarterly tranches, following the completion of normal commercial security arrangements. The Company can confirm that the relevant security documentation was successfully completed and it has now received £1.96 million, being the first instalment of the Loan. As agreed, the Company can drawdown the remaining instalments every three months over the next 21-month period.
Neill Ricketts, CEO of Versarien, commented: "We are delighted to have now completed the initial process with Innovate UK Loans. With the quarterly instalments underway we can now move forward with our plans to scale up our G SCALE related collaborations and look forward to providing updates on the project's progress in due course."