StockMarketWire.com - Haydale Graphene Industries is exercising its rights under its existing pipeline agreement with Swansea University and Swansea Innovation Limited to acquire a new invention. The 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.

Under 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.

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%. All 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. The warrants are exerciseable between the fourth and fifth anniversary of the date of grant. The exercise price of the warrants is GBP2.735 per ordinary share - the mid-market closing Haydale share price on 23 November 2015 plus GBP1. The warrants may be exercised in whole or in part.




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