Acacia Coal Limited is pleased to announce it has signed a binding Share Sale Agreement (“SSA”) with Graphene Technology Solutions Ltd to acquire 100% of the Australian based patented graphene technology Company (“the Transaction”). The Transaction is subject to conditions precedent, which include Acacia obtaining shareholder approval of the Transaction and receiving conditional approval from ASX for re-admission of Acacia's securities to official quotation.
GTS has a legally binding Research Agreement with the University of Adelaide and the ARC Graphene Research Hub, to develop and commercialise graphene application projects, starting with marine and protective coatings, environmental remediation and metals removal from tailings. GTS is the licensee of three technologies under patent application on an exclusive basis, with the patents under the Licensing Agreement being unencumbered by any royalties or ongoing payments and having an effective life of between 20 to 30 years.
Acacia’s initial phase of development will be to leverage UA’s experience to design, build and commission a scalable production plant to provide a reliable supply of high-quality graphene. The initial production process will be validated to supply graphene specifically for functionalisation and application into marine and protective coatings.
Commenting on the acquisition, Acacia Chairman Mr Adam Santa Maria said GTS would materially transform Acacia for the benefit of all shareholders.
“It has been a privilege to steward Acacia through the divestment of its coal assets and to refocus the Company in order to maximise shareholder value. Having had the opportunity to review a substantial number of business propositions and assets on behalf of shareholders, it is my great delight to have executed an agreement to acquire GTS, whose first class team and truly impressive Australian based and developed graphene technologies give Acacia shareholders an exciting new future focussed on the transformation of multi-billion dollar global industries.”