16 May 2014 11:15
Cientifica PLC
("Cientifica" or the "Company")
Update on the Option Agreement with Rainmaker Technologies Limited
Cientifica, the AIM-quoted investment company focused on investment in businesses making use of advanced materials, graphene and emerging technologies, announces the following update to the announcement dated 11 April 2014 of the call option agreement (the "Option Agreement") it had entered into with Rainmaker Technologies Limited ("Rainmaker"), a newly formed company which will design and develop commercial applications of advanced materials such as graphene.
Under the terms of the Option Agreement, Cientifica has been granted three options under which it may subscribe for Rainmaker ordinary shares ("Rainmaker Shares") which would amount to 49.9 per cent. of the enlarged issued share capital of Rainmaker if all three options were exercised in full.
The First Option, under which Cientifica will subscribe for 340 Rainmaker Shares for £100,000 in cash which will represent approximately 25.4 per cent. of the enlarged issued share capital of Rainmaker, was to be exercised by Cientifica on or before 15 May 2014 (or such later date as the parties might agree) provided that Rainmaker has, by the exercise date, entered into a minimum of two option agreements with certain companies focused on developing commercial applications using graphene.
Rainmaker has advised Cientifica that it is in advanced discussions with two such companies and is confident that agreement can be reached with these companies. Accordingly, Rainmaker and Cientifica have agreed that the First Option exercise date will now be extended to 15 June 2014.
A further announcement will be made in due course.
16 May 2014
For further information, please contact:
Cientifica PLC
Tim Harper, Chief Executive +44 (0) 207 518 4300
Allenby Capital (Nominated Adviser)
Nick Naylor/ James Reeve +44 (0) 203 328 5656
Peterhouse Corporate Finance (Broker)
Lucy Williams / Heena Karani +44 (0) 207 469 0930
Lothbury Financial Services Limited
Michael Padley / Gary Middleton +44(0) 203 440 7620