LONDON (ShareCast) - (Sharecast News) - Advanced materials engineering company Versarien updated the market on the £5m loan facility awarded by Innovate UK Loans - a wholly owned subsidiary of UK Research and Innovation - on 1 July, to support its 'G SCALE' project.

The AIM-traded firm announced on 1 July that the loan was to become available for draw down in eight quarterly tranches, following the completion of normal commercial security arrangements.

It confirmed on Monday that the relevant security documentation was completed, and it had now received £1.96m, being the first instalment of the loan.

As agreed, Versarien can draw down the remaining instalments every three months over the next 21 months.

"We are delighted to have now completed the initial process with Innovate UK Loans," said chief executive officer Neill Ricketts.

"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."

At 1329 BST, shares in Versarien were up 4.65% at 45p.

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