(Alliance News) - Engineering group Versarien PLC on Friday said it received an investment of GBP1.9 million from Graphene Lab.
The South Korean chemical vapor deposition graphene specialist has subscribed for 4.3 million shares in Versarien at a price of 45 pence each, representing a 2.2% stake.
Shares in AIM-listed Versarien jumped 10% to 42.38 pence in London on Friday morning.
Under a series of agreements Graphene Lab will be licensed to use 14 patents acquired by Versarien in December exclusively in South Korea for a 5% sales royalty fee. It also has the right to use certain Versarien trademarks for a 2% sales royalty.
The investment follows Versarien's acquisition of certain graphene production related assets and intellectual property from South Korea based Hanwha Aerospace announced on in December.
Versarien Chief Executive Neill Ricketts commented: "We are delighted to have secured this agreement with Graphene Lab, which will enable us to advance our plans in South Korea.
"I am also pleased that our partnership with Graphene Lab has been further reinforced by the stake they have taken in Versarien. We are excited by the opportunities for Versarien in South Korea, including for new product developments, and we look forward to providing updates in due course."
By Will Paige; firstname.lastname@example.org
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