LONDON (Alliance News) – Haydale Graphene Industries PLC on Friday said it has secured a final investment tranche worth GBP470,000 from Everpower, which made a total investment of GBP3.6 million into the company in early February.
The final tranche covers 275,482 Haydale shares, which have now been issued and should start trading on Tuesday.
“We are delighted that the subscription agreement has now completed and we can now commence negotiations on the exclusive binding collaboration agreement with Everpower to manufacture, supply and market existing Haydale products and develop nanomaterials and new graphene products for the Chinese market,” said Chief Executive Ray Gibbs.
Everpower had previously said it would maintain a 9.9% stake in Haydale, but its holding rose to 10% following the share issue, prompting it to immediately sell 150,559 shares. Everpower now holds 2.0 million shares and a 9.9% stake.
Haydale shares were up 1.1% on Friday at 181.90 pence.
Source: Alliance News