has signed a term sheet with the Beijing Institute of Graphene Technology (BIGT) as the two work to continue the development of Versarien’s graphene business in China.
The term sheet, which is still subject to contract and formal BIGT board approvals, was signed at a public ceremony in Shenzen, China yesterday with representatives from the company and both Chinese and UK governments.
Upon completion of due diligence, the term sheet would entail Versarien receiving aid from BIGT in establishing a wholly-owned subsidiary in China.
BIGT, under the current term sheet agreements, will provide Versarien with funding for the subsidiary in the form of an equity investment in Versarien of up to 15%. The company also clarified that, should such a share be bought by BIGT, “existing and prospective private and institutional investors will be given the opportunity to participate on the same terms.”
The aim of such a subsidiary would be to manufacture graphene and other 2D materials, for Versarien with BIGT’s help, and bring them to market in China. This arrangement would not, however, “preclude Versarien entering into other ventures in China.”
Versarien’s share price saw an uptick of almost 6% following the news.
Neill Ricketts, CEO of Versarien, commented: "We are very pleased to have reached the term sheet stage in our discussions with Beijing Institute of Graphene Technology. This developing relationship potentially offers a huge opportunity for the Company and we look forward to progressing matters.
"During the last six months we have announced a number of MOUs with global manufacturers based in China, together with securing relationships with Chinese provincial government bodies. The plans with BIGT are complementary to these.
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