The advanced materials group Versarien recently entered a series of agreements with the South Korean company Graphene Lab to promote interests in South Korea. They were awarded £1.93 million in a strategic investment.
The main elements of the agreement can be found below.
- The agreement provides a license to Graphene Lab to utilize, exclusively in South Korea, 14 of the patents acquired through the Acquisition for a 5% royalty on sales payable to Versarien;
- Under the agreement, Graphene Lab has the right to use certain Versarien trademarks on payment of a 2% royalty on sales to Versarien;
- Graphene Lab will acquire 15% of the shares in Versarien Korea at their nominal value and the board of Versarien Korea will, in due course, comprise five directors, of which four will be nominated by Versarien and one by Graphene Lab;
- Graphene Lab has leased new premises in South Korea and Versarien Korea is taking a sub-lease over part of that facility, to locate the equipment acquired as part of the Acquisition. Additionally, Versarien Korea and Graphene Lab have agreed to share equipment at an agreed daily rate; and
- Graphene Lab will provide certain operator and maintenance support to Versarien Korea at an agreed cost.
Information and Elements from Graphene Info