- Dragonfly (DRC.H) and Black Swan Graphene enter into Binding Letter of Intent for business combination
- Black Swan intends to complete a concurrent equity financing with minimum gross proceeds of $5,000,000
- Dragonfly’s principal business activity is to identify and evaluate opportunities for acquisition of assets or business
- Shares will be exchanged for such number of common shares in the capital of Dragonfly, at a deemed price of $0.15 per common share
- Black Swan Graphene Inc. is a company focused on large-scale production and commercialization of high-performance and low-cost graphene products
- Dragonfly Capital Corp. (DRC.H) is trading at C$0.14 at 12:31 pm EST
Dragonfly Capital Corp. (DRC.H) has entered into an LOI with Black Swan Graphene Inc. a private Ontario company, pursuant to which Dragonfly and Black Swan.
Dragonfly will acquire all of the issued and outstanding common shares of Black Swan. The precise terms of the transaction, including the structure of the transaction, will be incorporated into a definitive agreement to be negotiated between Dragonfly and Black Swan.
In connection with the transaction, Black Swan intends to complete a concurrent equity financing with minimum gross proceeds of $5,000,000.
The transaction is subject to the approval of the TSXV and is intended to constitute Dragonfly’s qualifying transaction. Following the transaction, the resulting issuer will be listed on the TSXV as a Tier 2 Industrial issuer under the name “Black Swan Graphene Inc”.
Black Swan is a private graphene processing technology company headquartered in Toronto, Ontario. Black Swan recently purchased strategic assets related to the patented Graphene Technology from Thomas Swan & Co. Limited, a leading United Kingdom-based specialty chemical company founded in 1926 exporting today to over 80 countries.
Graphene was first isolated in 2004 in Manchester, United Kingdom, leading to the award of the Nobel Prize in Physics to the two physicists behind the achievement. Similar to the emergence of carbon-fibre technologies of the 1990s, the ability to produce large quantities of graphene at low cost is critical to large-scale commercialization.
The LOI sets out the general terms of the transaction as currently contemplated by the Parties. The precise terms and conditions of the Transaction will be contained in the Definitive Agreement to be negotiated and entered into by the Parties.
The transaction will take the form of a share exchange. All of the outstanding Black Swan shares will be exchanged for common shares of Dragonfly at a deemed price of $0.15 per share.
Dragonfly’s principal business is to identify and evaluate opportunities for the acquisition of assets. It is headquartered in Vancouver.
Black Swan Graphene Inc. is a Canadian private company focusing on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, Li-ion batteries, and others, which are expected to require large volumes of graphene and, in turn, require large volumes of graphite.
Dragonfly Capital Corp. (DRC.H) is trading at C$0.14 at 12:31 pm EST.
