ZEN Graphene Solutions is pleased to announce that it has signed a 2 year extension with Chemisar Laboratories Inc. (“Chemisar”) to provide various consulting services which will include the use of 4,300 square feet of office and laboratory space in Guelph, Ontario commencing on January 1, 2021. The additional 2000 sq ft will be utilized to work on scale up effort for our patent pending Viricidal Coating manufacturing in response to the significant demand the company has received since announcing the patent filing on September 22, 2020.
The office and lab spaces are situated 66 km from Toronto Pearson International Airport and is centrally located to Toronto, Hamilton, Waterloo, London and multiple university partners. The office space is part of a larger 5,500 square foot well-equipped stand-alone technology centre which is situated on 1.15 acres. ZEN has access to 4,000 square foot wet laboratory which has fume hoods, laboratory equipment and a large inventory of specialized glassware as well as other laboratory consumables plus a large inventory of chemical reagents. Included in this new agreement, ZEN has negotiated a right of first refusal for the purchase of the facility.
The company also announces that it has received $419,000 in the last few months from the exercise of warrants and options.
Dr. Francis Dubé commented: “ZEN has received significant interest in our viricidal coating and is quickly moving to increase our production capacity. This extension and additional 2000 sq ft position us very well as we prepare to launch our first commercial product.”
ZEN announces that it has made a grant of stock options under its stock option plan to certain of its directors and officers to acquire a total of 400,000 common shares of the Company. All of the options are exercisable at a price of $0.75 per share. One-third of the options granted to the directors and officers vested on the date of their grant, one third of the options will vest six months following the date of grant and the balance will vest on the first year anniversary of the date of grant. The options have a term of five (5) years and are subject in all respects to the terms of the Company’s stock option plan and the policies of the TSX Venture Exchange.