Versarien has announced that it has agreed to acquire certain graphene production related assets and intellectual property from South Korea based Hanwha Aerospace, for (the equivalent to) £4.34 million (around USD$5.8 million).
In addition, the Company has entered into a subscription agreement with Lanstead Capital Investors LP to subscribe for raising gross proceeds of £3.50 million (around USD$4.7 million), the proceeds of which will be used for an additional sharing agreement with Lanstead.
The Acquisition from Hanwha Aerospace comprises a portfolio of over 100 patents and patent rights, many originally developed by Samsung in South Korea, covering CVD graphene manufacturing methods and related applications, together with manufacturing equipment suitable for producing high quality large format electronics grade graphene.
Neill Ricketts, Chief Executive Officer of Versarien, commented: We are delighted to have agreed the Acquisition which complements our existing portfolio of graphene materials technology. In particular, it will provide us with access to patented technology and equipment to produce high quality single and dual layer graphene that has particular applications in the electronics sector, together with other areas, including in relation to some of our existing collaborations. The Acquisition will also help facilitate our planned future Asian development. We are pleased that we have received additional support from Lanstead to provide the funding and additional working capital required for our international expansion strategy.