Graphene-focused shell Cientifica has identified three potential investments involved in developing graphene technology for commercial applications and it is in advanced discussions with them.
Shares in Cientifica will be suspended on 24 October at 0.95p a share, down 0.18p, because it has not implemented its investing policy within 12 months.
Since becoming chairman in September, Tim Godwin has been reducing overheads and he is hopeful that investments can be completed in a short period of time. Tim Baldwin and Tim Harper have both stepped down from the board.
In March, Cientifica was unable to raise £300,000-£400,000 from a placing but it did raise £100,000 at 1.5p – less than half the share price in March - during July.
Cientifica bought a 24% stake in G Heat Ltd, via the purchase of a company owned by Tim Harper for 1.44m Cientifica shares at 1.5p each, and agreed to invest £204,000 through convertible loan notes. Full conversion would give Cientifica a 45% stake. So far, £74,000 has been invested and the rest is dependent on the achievement of milestones.
Yorkshire-based G Heat has developed infra-red heating using graphene, which minimises energy use. Pre-production prototypes have been developed.
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