CTFA.L Share News (CTFA)

LONDON (Alliance News) - Cientifica PLC said Friday that it had entered into a call option agreement to invest up to 49.9% in advanced material products developer Rainmaker Technologies Ltd.

Rainmaker was established by Alex Hamer, part of the Ashbeck Group of Companies Ltd, and Martin Benson, from Kirkstyles Innovation Group Ltd.

Under the agreement Cientifica has been granted three options amounting to a 49.9% share in the company. Following the exercise of the first option of GBP100,000, worth around 25.4% of the company, Chief Executive Time Harper of Cientifica will join the board of Rainmaker.

The first option can be exercised at any time on or before May 15. If by exercising the second or third options the company would be undertaking a reverse takeover, it will pull back from the transaction, Cientifica said.

Rainmaker will work closely with private company Perpetuus Carbon Technology to supply graphene materials for its products, Cinetifica said.

Cientifica said that Rainmaker plans to bring new products to the market within the next year.

Shares in Cientifica were trading up 3.7% at 3.11 pence Friday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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