Business
Licence agreement with Proton Technologies
Licence agreement with Proton Technologies.
About this update from Sabien Technology Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0160S\n Sabien Technology Group PLC\n 11 November 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.\n \n \n 11 November 2021\n \n \n \n \n \n Sabien Technology Group plc\n \n \n (\"Sabien\" or the \"Company\")\n \n \n \n \n \n Licence agreement with Proton Technologies Canada Inc.\n \n \n The Board of Sabien Technology Group plc (AIM:SNT), a Company focused on building a portfolio of solutions in the heating, cooling, and transportation sectors, announces today that it has signed heads of terms (\"HOT\") with Proton Technologies Canada Inc., (\"Proton\") in relation to a hydrogen processing licence within UK territories.. The key elements of the HOT are:\n \n \n · \n A license for Sabien to produce 20 tonnes of hydrogen per day, expandible by future agreement to higher volumes, generated using Proton's technology, to process:\n \n \n o \n Suitable oil fields located Onshore United Kingdom (Great Britain and Northern Ireland) and offshore within UK Territorial Waters (\"the Territory\"), and/or\n \n \n o \n Oil output by City Oil Field (\"COF\") facilities in the Territory.\n \n \n \n \n \n · \n Proton to provide all necessary technical assistance to validate suitable sites and to provide advice on establishing and operating the installation\n \n \n \n \n \n · \n Consideration of £100,000 in cash; and\n \n \n \n \n \n · \n 280,000 warrants to be issued with exercise price of 60 pence per ordinary share of 3 pence each (\"Ordinary Shares\") with an expiry date of 19 February 2023. These quantum of warrants was agreed as if the £100,000 cash consideration was paid in shares on a 1:1 basis at a share price of 35.7p\n \n \n \n \n \n In addition, the HOT include the option for Proton to install a 24 tonnes/day recycling plant on its site in Saskatchewan using the COF process licenced to Sabien to convert plastic waste to synthetic oil.\n \n \n \n \n \n The HOT are subject to:\n \n \n · \n Completion of a mutually acceptable Intellectual Property Licence agreement;\n \n \n · \n Regulatory approval for the installation and operation of a COF facility at Proton's Saskatchewan site;\n \n \n · \n Payment of the Consideration; and\n \n \n ·...