Business
Acquisition of Rights and Grant of Warrants
Acquisition of Rights and Grant of Warrants.
About this update from Haydale Plc
[{"type":"text","content":"\n \nRNS Number : 8563N Haydale Graphene Industries PLC 03 February 2016 \n\n \n \nHaydale Graphene Industries plc\n \n(\"Haydale\", the \"Group\" or the \"Company\")\n \nAcquisition of Rights to New Invention and Grant of Warrants\n \nHaydale Graphene Industries plc (AIM: HAYD), the Group focused on enabling technology for the commercialisation of graphene and other nano materials, is pleased to announce it is exercising its rights under its existing pipeline agreement with Swansea University and Swansea Innovation Limited (together \"Swansea\") (the \"Pipeline Agreement\") to acquire a new invention (the \"new invention\"). \n \nThe new invention relates to heatable articles, in particular clothing and bedding, incorporating carbon nanomaterial-based heaters. The flexibility, compact construction and thermal performance of the heaters means that the technology is envisaged as being of particular relevance to high performance garments for elite sports applications.\n \nPursuant to the terms of the Pipeline Agreement announced 25 February 2015 and by way of consideration for the acquisition of the new invention, the Company has agreed to grant the inventors, Tim Claypole and Swansea Innovation Limited, warrants over 30,000 ordinary share of 2 pence each in aggregate in the Company (the \"Warrants\"). Additionally, royalty income of 2% will be paid to Swansea Innovation Limited from any direct sales made by Haydale of the product or if the product is licensed, the revenue share will be Haydale 90% and Swansea Innovation Limited 10%.\n \nAll intellectual property rights in connection with the new invention have been assigned to the Group and the Group has filed a patent application to protect these rights.\n \nThe Warrants are exerciseable between the fourth and fifth anniversary of the date of grant. The exercise price of the Warrants is £2.735 per ordinary share (being the mid-market closing Haydale share price on 23 November 2015 plus £1). The warrants may be exercised in whole or in part. \n \nRay Gibbs, CEO at Haydale, commented: \n \n\"I am pleased to announce this second invention acquired from Swansea under the Pipeline Agreement. As previously stated, our strategy is to work with experts in our chosen ...